150, Norwich Road, Fakenham, Norfolk, NR21 8LL

Description

An opportunity to a substantial plot which is currently occupied by a detached three-bedroom bungalow. The site measures approximately xxx acres subject to measured survey and could offer development opportunities; interested parties should contact North Norfolk District Council. The current property may also offer scope for development and at present there are three bedrooms, lounge, kitchen and conservatory, all require improvement and modernisation, but site location and size would certainly accommodate a redevelopment. Situated within the popular market town of Fakenham it gives access to the high street and boutique shops, eateries, supermarkets, banks and leisure facilities and is within reach of the North Norfolk coast and resorts.

Accommodation

Ground Floor: Entrance hall, lounge, kitchen, conservatory, three bedrooms, bathroom, separate W.C. Exterior: Front garden access to front door, driveway providing off-road parking access to detached garage, pedestrian access to rear garden measuring approximately xxx acres (STMS).

Location

Situated in the sought-after Norfolk market town of Fakenham, with access to the high street, boutique shops, eateries, supermarkets, banks and leisure facilities, and within reach of the North Norfolk coast and resorts.

Tenure / Property Information

Investment Analysis

The strongest evidence is the completed sale of 152 Norwich Road at £337,500 on 8 October 2024. Older same-road detached sales range from £250,000 to £450,000 but are less current and may not be directly comparable. A base GDV of £337,500 is used as an indicative proxy only; the subject's condition, bungalow specification and development potential are not fully evidenced. The approximately xxx-acre plot is subject to measured survey and no planning consent or development value is established.

Investment Snapshot

Strategy Recommendation

Treat as a cautious refurbishment-led residential purchase only if full legal, survey, cost and planning due diligence supports the bid. Do not price in redevelopment value or set a maximum bid without a verified works budget.

Works Required

Improvement and modernisation of the lounge, kitchen, conservatory, three bedrooms, bathroom and separate W.C. are supported by the description. No detailed schedule of defects, services or heating condition is provided. Any redevelopment would require measured survey and planning investigation with North Norfolk District Council.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative £337,500 base GDV, 75% refinance would be approximately £253,125. However, refurbishment costs, total project cost and finance costs are unavailable, so cash left in and the viability of a BRRR strategy cannot be established. The plot's redevelopment potential is unconfirmed and should not be relied upon without planning evidence.

Buy-to-Let Analysis

The direct Fakenham three-bedroom asking-rent evidence is £1,059 pcm, equivalent to £12,708 annually and a gross yield of approximately 5.08% against the £250,000 guide. A separate Watton listing is £650 pcm and is less directly comparable. These are advertised asking rents, not achieved rents, and no operating, finance, void or refurbishment costs are supplied.

Flip Analysis

A recent same-road sale supports an indicative £337,500 value proxy, but the property requires improvement and modernisation. No refurbishment budget, selling allowance or additional seller fees are supplied, so a reliable flip surplus and maximum bid cannot be calculated.

Investor Risks & Due Diligence

• The plot area is stated only as approximately xxx acres and remains subject to measured survey.

• No planning consent or confirmed development potential is provided; North Norfolk District Council should be consulted.

• The bungalow requires improvement and modernisation, but no quantified works schedule or cost evidence is supplied.

• Heating information is unavailable and the property has an EPC rating of E.

• The £1,059 pcm rent is an advertised asking rent rather than achieved rent; the lower £650 pcm evidence is from Watton rather than Fakenham.

• The seller may charge additional completion fees under the Special Conditions of Sale, but the amount is not supplied.

Recommendation

Treat as a cautious refurbishment-led residential purchase only if full legal, survey, cost and planning due diligence supports the bid. Do not price in redevelopment value or set a maximum bid without a verified works budget.

Strategy Rating

Analysis Confidence

There is one recent same-road completed sale and limited rental evidence, but the property's condition, plot size, heating, development prospects, refurbishment cost and possible seller fees are unresolved.