12 & 12A Market Place, Downham Market, Norfolk

Description

A ground floor commercial premises currently let producing £6,600 pa and a vacant one bedroom first floor flat in the centre of town. This mixed use building would be an ideal investment with the ground floor commercial premises currently let producing £6,600 pa. The first floor flat is vacant and requires some updating.

Accommodation

Ground floor commercial premises currently let and trading as a barbers. First floor vacant one bedroom flat with its own rear access, comprising an open plan lounge/kitchen, bedroom and shower room.

Location

Located in the centre of Downham Market. The town offers a range of shops, pubs, restaurants and cafes and is within walking distance to the mainline railway station with links to Cambridge and London Kings Cross.

Tenure / Property Information

Investment Analysis

The supplied sold comparables are not sufficiently comparable to this mixed-use property. No supported GDV or total market value can be established. The guide is £70,000 plus stated buyer and administration charges.

Investment Snapshot

Strategy Recommendation

Consider a hold strategy only after reviewing the legal pack, commercial lease and obtaining a flat rental appraisal and refurbishment quotation. Do not rely on the stated commercial income as the full-property return.

Works Required

Update the vacant one-bedroom flat as required. The evidence does not specify defects, scope or costs, so no refurbishment allowance is estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because GDV, flat rental value and refurbishment costs are unsupported. The vacant flat may provide additional income after updating, but this requires verification.

Buy-to-Let Analysis

The commercial premises currently produce £6,600 pa, equivalent to £550 pcm. Against the £70,000 guide alone this is 9.43%, but this excludes any income from the vacant flat and does not establish a whole-property BTL yield. No sufficiently specific flat rental evidence is supplied.

Flip Analysis

A flip appraisal cannot be completed because no supported GDV, refurbishment cost or selling allowance is available. The supplied comparables are not sufficiently comparable.

Investor Risks & Due Diligence

• The first-floor flat is vacant and requires updating.

• No sufficiently specific rental evidence is supplied for the flat.

• Commercial lease terms are not provided.

• Buyer and administration charges apply, with possible additional disbursements and special-condition costs.

• Refurbishment scope and cost are unknown.

Recommendation

Consider a hold strategy only after reviewing the legal pack, commercial lease and obtaining a flat rental appraisal and refurbishment quotation. Do not rely on the stated commercial income as the full-property return.

Strategy Rating

Analysis Confidence

The passing commercial income, guide price, tenure and occupancy are supplied, but flat rent, GDV, refurbishment cost, lease terms and total purchase costs are not sufficiently evidenced.