102 Brazen Gate, Norwich, Norfolk

Description

Spacious purpose built top floor two bedroom flat near the city centre. Modern purpose built third floor flat extending to around 62 sq/m, in good decorative order, double glazed and with electric heating. Previously let at £1,250 pcm (£15,000 pa) and now to be sold with vacant possession. Exceptionally low ground rent of £10 per annum and service charge of £227.03 per annum. EPC C rating. Located less than a mile south of the city centre.

Accommodation

Entrance hall, two bedrooms, bathroom, kitchen/lounge.

Location

Located less than a mile south of Norwich city centre.

Tenure / Property Information

Investment Analysis

The five supplied completed sales range from £153,000 to £220,000, with a simple average of £192,500. The selected low/base/high scenarios of £177,500/£192,500/£207,000 use observed comparable evidence, but the spread indicates meaningful valuation uncertainty. The subject is described as a 62 sq m, good decorative order, vacant two-bedroom leasehold flat in the same Brazen Gate area.

Investment Snapshot

Strategy Recommendation

Consider a buy-to-let purchase at or close to the guide price, subject to confirming achievable rent, inspecting the flat and reviewing the full lease and legal pack. Avoid relying on the refinance or resale uplift as the primary return.

Works Required

No specific refurbishment works are evidenced; the flat is described as being in good decorative order. The analysis therefore includes a zero refurbishment allowance only as an assumption, subject to inspection and legal-pack review. Check the kitchen, bathroom, electric heating, windows, communal areas and any leasehold obligations before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £192,500 base GDV, 75% refinance is £144,375. Against the £131,200 analysis cost, this indicates a theoretical £13,175 surplus before finance, tax, valuation, refinancing and any unrecognised works or purchaser costs. The result is dependent on the selected comparable-based GDV and lender valuation, so the refinance outcome is not assured.

Buy-to-Let Analysis

Using the midpoint of the supplied advertised rental evidence, £975 pcm, annual gross rent is estimated at £11,700. This produces approximately 9.00% gross yield on the £130,000 guide price and 8.92% on the £131,200 analysis cost including the £1,200 buyer/admin charge. The stated previous rent of £1,250 pcm is useful historic evidence but is not treated as a current achieved rent. Ground rent and service charge total £237.03 annually before other operating, finance, tax and management costs. BTL appears attractive at the guide, subject to validating achievable rent and legal-pack costs.

Flip Analysis

The base GDV implies a £62,500 gross uplift over the £130,000 guide price, or £61,300 after the known £1,200 buyer/admin charge and the assumed zero works allowance. A reliable flip surplus cannot be calculated because no selling-cost allowance, finance costs, tax, additional purchaser costs or refurbishment budget is supplied.

Investor Risks & Due Diligence

• Completed comparable prices vary substantially from £153,000 to £220,000, creating valuation uncertainty.

• Rental listings are advertised asking rents rather than achieved rents; the £1,250 pcm figure is historic previous rent.

• Legal-pack disbursements, seller-cost reimbursements, search fees, legal fees, transfer fees and other special-condition charges are not quantified.

• Lease review periods for ground rent and service charge are not supplied and must be checked.

• The zero works allowance is an analytical assumption only; no inspection report or detailed condition schedule is provided.

• Electric heating and the leasehold structure may affect operating costs, tenant demand and resaleability.

• The refinance calculation depends on a lender accepting the selected GDV and a 75% loan-to-value basis.

Recommendation

Consider a buy-to-let purchase at or close to the guide price, subject to confirming achievable rent, inspecting the flat and reviewing the full lease and legal pack. Avoid relying on the refinance or resale uplift as the primary return.

Strategy Rating

Analysis Confidence

There are five same-development completed sales, three rental advertisements, a stated historic rent and clear lease, service-charge and buyer-charge information. Confidence is reduced by the wide comparable range, asking-rent evidence, absence of an auctioneer rent estimate, unknown legal-pack disbursements and no confirmed works or selling-cost budget.