128-130 Lowestoft Road, Gorleston, Great Yarmouth, Norfolk

Description

Freehold commercial investment let producing £4,044 pa. This single storey attached commercial property extends to around 72.5 sq/m. Originally two shops it has been let to the same florist tenant for some 30 years. It trades as Glendas Sprig of Heather and the current rent is £337 pcm (£4,044 pa). It requires improvement and has been in the same family ownership for around 40 years.

Accommodation

Ground floor: shop, workshop, store room and toilet. Outside: front area. The property extends to around 72.5 sq/m.

Tenure / Property Information

Tenure	Freehold
Lease	Let to the same florist tenant for approximately 30 years; no lease term stated
Occupancy	Occupied; let to the same florist tenant for approximately 30 years
EPC	Current Rating C
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 shop investment occupied by a florist tenant. The supplied sold comparables are residential detached and semi-detached properties, so they do not support a commercial market value or GDV for this asset. The current stated rent is £4,044 pa, equivalent to £337 pcm. At the £35,000–£45,000 guide range, this indicates an arithmetic gross yield of approximately 9.0%–11.6%, before costs, voids, repairs, finance and tax.

Investment Snapshot

Guide Price	£35,000 - £45,000 (plus fees)
Estimated Monthly Rent	£337 pcm
Estimated Annual Rent	£4,044 pa
Gross Yield on Guide	10.1%

Strategy Recommendation

Consider only as an income-led commercial hold, subject to satisfactory legal-pack review, confirmation of the occupational agreement and liabilities, and a survey-priced improvement plan. Do not rely on residential comparables or assume a refinance or flip exit.

Works Required

The description states that the property requires improvement, but provides no defect schedule or scope. Obtain a commercial survey and cost plan before bidding. No refurbishment allowance is included because the evidence does not support one.

Rental & Market Context

HB Estimated Market Rent

£337 pcm

128-130 Lowestoft Road, Gorleston, Great Yarmouth ... — — Advertised asking rent

£337 pcm

Sold Comparables

The following completed sales were identified within approximately 5 miles:

126a, Lowestoft Road, Gorleston, Great Yarmouth, Great Yarmouth, Nr31 6nd 2024-01-05 · Detached · Freehold	£158,000
126b, Lowestoft Road, Gorleston, Great Yarmouth, Great Yarmouth, Nr31 6nd 2019-11-28 · Detached · Freehold	£175,000
124a, Lowestoft Road, Gorleston, Great Yarmouth, Great Yarmouth, Nr31 6nd 2019-08-02 · Detached · Freehold	£285,000
118, Lowestoft Road, Gorleston, Great Yarmouth, Great Yarmouth, Nr31 6nd 2018-01-15 · Semi-Detached · Freehold	£182,000
126b, Lowestoft Road, Gorleston, Great Yarmouth, Great Yarmouth, Nr31 6nd 2016-07-22 · Detached · Freehold	£165,000

Potential BRRR Position

A BRRR strategy cannot be supported from the evidence. No commercial GDV, refurbishment budget, valuation yield, finance terms or refinance evidence is supplied. The residential sold comparables are not suitable evidence for this commercial property, and the property is already occupied by the florist tenant.

Buy-to-Let Analysis

This is an existing commercial income investment rather than a residential BTL. Using the stated £4,044 pa rent and the guide midpoint of £40,000 produces an indicative gross yield of 10.11%; across the guide range it is approximately 8.99%–11.55%. This is before the £1,200 admin charge, other possible disbursements, improvement costs, maintenance, insurance, voids, finance and tax. The lease term and full occupational liabilities are not stated, so income security cannot be fully assessed.

Flip Analysis

A flip calculation cannot be established. There is no supported commercial resale value, refurbishment cost or selling-cost allowance. The supplied residential comparables should not be used to value this shop.

Investor Risks & Due Diligence

• The lease term and detailed occupational terms are not stated.

• The investment depends on the existing florist tenant and the evidence does not establish rent review provisions, repairing obligations or other lease liabilities.

• The property is stated to require improvement, but no works scope or cost is supplied.

• Additional disbursements and purchaser costs may become payable under the legal pack.

• The supplied sold comparables are residential and do not support the value of this commercial property.

• The stated rent is current rent in the description, while the separate rental evidence is an advertised asking rent; neither establishes future achievable rent or net income.

Recommendation

Consider only as an income-led commercial hold, subject to satisfactory legal-pack review, confirmation of the occupational agreement and liabilities, and a survey-priced improvement plan. Do not rely on residential comparables or assume a refinance or flip exit.

Strategy Rating

HB Rating

★★★☆☆

Analysis Confidence

Confidence

Low-Medium

Rent, tenure, occupancy, area, guide range and the admin charge are supplied, but there is no lease term, commercial valuation evidence, quantified improvement scope, commercial comparable evidence, or complete purchaser-cost schedule.