15 Kings Arms Street, North Walsham, Norfolk

Description

This imposing detached three bedroom house close to the heart of this popular North Norfolk town. It comprises a spacious entrance hall, living room, dining room, kitchen with adjoining pantry/utility room and bathroom on the ground floor. On the first floor there are three bedrooms and a bathroom. To the rear there is a split level garden with outdoor storage. Recently used a holiday let, the property is in need of some updating to realise it's full potential. The property is grade II listed and has numerous character features and offers an exciting and potentially lucrative opportunity to acquire a highly sought after house for owner occupation or development.

Accommodation

Ground Floor: Entrance hall, living room, dining room, kitchen, pantry/utility room and bathroom. First Floor: Three bedrooms and bathroom. Outside: Split level garden and outside storage.

Location

Close to the heart of a popular North Norfolk town.

Tenure / Property Information

Tenure	Freehold
Occupancy	Vacant
Council Tax	Band B
Services	Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

The supplied sold comparables are the same address but date from 2003 and 2004, with prices of £60,000 and £70,000. They are not reliable evidence for a current GDV. No current comparable sales, rental evidence, EPC, heating or parking information is supplied. The guide is £200,000–£225,000 plus fees, but the evidence does not support an independent market value estimate.

Investment Snapshot

Guide Price

£200,000 - £225,000 (plus fees)

Strategy Recommendation

Do not proceed on the supplied evidence alone. Obtain the legal pack, inspect the property, confirm listed-building constraints, quantify works and obtain current local sales and rental evidence before bidding.

Works Required

Undertake updating appropriate to the property’s condition and intended use, subject to inspection and the requirements applicable to the Grade II listing. The evidence does not identify specific defects or provide a basis for a quantified works budget.

Rental & Market Context

No sufficiently specific external rental comparable identified.

Sold Comparables

The following completed sales were identified within approximately 5 miles:

8a, Kings Arms Street, North Walsham, North Walsham, North Norfolk, Nr28 9jx 2004-01-19 · Detached · Freehold	£70,000
8a, Kings Arms Street, North Walsham, North Walsham, North Norfolk, Nr28 9jx 2003-03-14 · Detached · Freehold	£60,000

Potential BRRR Position

A BRRR assessment cannot be supported without a current GDV, refurbishment budget, rent evidence and finance assumptions. The £600 buyer premium and £1,200 administration charge are known, while further disbursements may apply under the legal pack and special conditions.

Buy-to-Let Analysis

BTL yield cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property was recently used as a holiday let, but no achieved income or operating costs are provided. Refurbishment scope and total acquisition cost are also unquantified.

Flip Analysis

A flip surplus cannot be calculated. The available sales evidence is materially historic and no supported current GDV, works allowance or selling-cost allowance is provided. The Grade II listing may affect the scope and cost of any updating or alteration.

Investor Risks & Due Diligence

• Grade II listing may constrain or require consent for alterations and affect project costs.

• The property is described as needing updating, but no inspection-based scope or budget is supplied.

• No sufficiently specific rental evidence is available, so investment yield cannot be established.

• The supplied sold comparables are historic transactions from 2003 and 2004.

• Further disbursements, search fees, seller-cost reimbursement, legal fees or transfer fees may be payable under the legal pack and special conditions.

• EPC, heating and parking information is not supplied.

Recommendation

Do not proceed on the supplied evidence alone. Obtain the legal pack, inspect the property, confirm listed-building constraints, quantify works and obtain current local sales and rental evidence before bidding.

Strategy Rating

HB Rating

★★☆☆☆

Analysis Confidence

Confidence

Low

Current valuation, rental, condition, EPC, heating, parking and refurbishment-cost evidence is absent; the only sold comparables are over 20 years old and additional legal-pack costs are unspecified.