113 Reepham Road, Norwich, Norfolk

Description

Freehold commercial investment comprising two self contained units with ample off road parking. This single storey detached building extends to around 88 sq/m. Originally built as a detached residential bungalow it was converted many years ago into two self contained commercial units. Unit A is the larger vacant unit. It was until recently let to a kitchen company at £13,250 pa. Unit B is let to Empire Barbers at £6,500 pa. Fully let it was producing £19,750 pa making this an attractive potentially high yielding commercial investment opportunity. First time to market in almost 20 years.

Accommodation

Unit A (59 sq/m): shop, office, store, WC. Unit B (29 sq/m): shop, store, WC, kitchen. Single storey detached building extending to around 88 sq/m.

Tenure / Property Information

Tenure	Freehold
Occupancy	Partially let: Unit A is vacant; Unit B is let to Empire Barbers
EPC	Current Rating Unit A: D; Unit B: A
Parking	Ample off road parking at front; eight car park spaces; small rear yard.
Services	Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

The property is a freehold commercial building comprising two self-contained units totalling approximately 88 sq m, with eight parking spaces. The supplied residential detached-house comparables are not reliable evidence of commercial value. The only income evidence is £6,500 pa from Unit B and an auctioneer estimate of £19,750 pa when fully let; Unit A is currently vacant. At the £180,000 lower guide, the fully-let estimated gross yield is approximately 10.97%, reducing to approximately 8.98% at the £220,000 upper guide. A formal commercial valuation, lease review and confirmation of Unit A's achievable rent are required.

Investment Snapshot

Guide Price	£180,000 - £220,000 (plus fees)
Estimated Monthly Rent	£1,646 pcm
Estimated Annual Rent	£19,750 pa
Gross Yield on Guide	11%

Strategy Recommendation

Income-led commercial hold only if the legal pack confirms the title, planning/use position and Unit B lease, and independent evidence supports reletting Unit A near the £13,250 pa estimate. Do not rely on the residential comparables or bid without allowing for the £1,200 admin charge and other potentially payable fees.

Works Required

No specific repair or refurbishment works are evidenced. The principal requirement is to verify the condition, legal status and letting prospects of the vacant Unit A. Any works allowance should follow inspection and review of the legal pack.

Rental & Market Context

HB Estimated Market Rent	£1,646 pcm
Auctioneer Estimated Rent	£19,750 pa when fully let.

Properties to Let in Norfolk | Pymm & Co — 2 bed — — Advertised asking rent

£1,300 pcm

Sold Comparables

The following completed sales were identified within approximately 5 miles:

103, Reepham Road, Norwich, Broadland, Nr6 5ab 2017-08-23 · Detached · Freehold	£245,000
111, Reepham Road, Norwich, Norwich, Broadland, Nr6 5ab 2007-07-20 · Detached · Freehold	£185,000
113b, Reepham Road, Norwich, Broadland, Nr6 5ab 2007-07-11 · Detached · Freehold	£250,000
111, Reepham Road, Norwich, Norwich, Broadland, Nr6 5ab 2006-10-19 · Detached · Freehold	£200,000
103, Reepham Road, Norwich, Broadland, Nr6 5ab 2005-12-07 · Detached · Freehold	£160,000

Potential BRRR Position

A BRRR strategy cannot be reliably underwritten because no commercial GDV, refurbishment budget, finance terms or refinance valuation evidence is supplied. The vacant Unit A may provide letting upside, but refinance proceeds cannot be calculated without a supported commercial valuation.

Buy-to-Let Analysis

Using the auctioneer's fully-let estimate of £19,750 pa, the gross yield is approximately 10.97% at the £180,000 lower guide and 8.98% at the £220,000 upper guide. This is not a passing fully-let rent: Unit A is vacant and only Unit B's £6,500 pa income is stated as current. The yield is therefore dependent on successfully reletting Unit A at the estimated £13,250 pa.

Flip Analysis

A flip surplus cannot be calculated. The supplied comparables are residential detached sales and do not establish a commercial resale value for this converted two-unit building. No supported selling allowance or refurbishment budget is available.

Investor Risks & Due Diligence

• Unit A is vacant, so the stated £19,750 pa fully-let income is not current passing income.

• The £13,250 pa Unit A rent is historical and the £19,750 pa figure is an auctioneer estimate, not achieved rent.

• Unit B lease terms, expiry, repairing obligations and tenant covenant are not supplied.

• Commercial planning, use-class and conversion history require verification.

• Buyer premium, search fees, seller's costs, legal fees, transfer fees and other disbursements may be payable in addition to the stated £1,200 admin charge.

• The supplied sold comparables are residential detached properties and may not reflect the value of this commercial asset.

Recommendation

Income-led commercial hold only if the legal pack confirms the title, planning/use position and Unit B lease, and independent evidence supports reletting Unit A near the £13,250 pa estimate. Do not rely on the residential comparables or bid without allowing for the £1,200 admin charge and other potentially payable fees.

Strategy Rating

HB Rating

★★★☆☆

Analysis Confidence

Confidence

Low-Medium

The property description, current Unit B income, estimated fully-let income, guide range and admin charge are supplied, but there is no commercial valuation, lease detail, condition survey, Unit A letting evidence, legal-pack information or complete fee schedule.