150, Norwich Road, Fakenham, Norfolk

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.

Accommodation

Ground Floor: Entrance hall, lounge, kitchen, conservatory, three bedrooms, bathroom, separate w.c.

Location

Situated within the popular 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 £337,500 completed sale of the detached property at 152 Norwich Road in October 2024. Older detached sales on the same road range from £250,000 to £450,000, but differ in date, condition and potentially plot characteristics. A provisional base GDV of £337,500 is therefore used, with a broad evidence-based range of £275,000 to £450,000. The subject requires improvement and modernisation, while any redevelopment potential remains subject to measured survey and planning advice from North Norfolk District Council.

Investment Snapshot

Strategy Recommendation

Proceed only after full legal, measured-survey, building and planning due diligence. Treat the existing bungalow as a refurbishment opportunity rather than relying on redevelopment potential. Do not set a bid ceiling until works and all completion costs are quantified.

Works Required

Improvement and modernisation of the existing bungalow, including the kitchen, bathroom, separate WC, lounge, conservatory, bedrooms and general presentation, as supported by the description. The extent and cost of works cannot be quantified from the evidence. Investigate the plot and any redevelopment opportunity separately with the council and through a measured survey.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £230,000 guide, the known purchase-related cost is at least £231,800 including the £1,800 documentation fee, before refurbishment and any seller-charged fees. A 75% refinance against the provisional £337,500 GDV would be £253,125, but total project cost and cash left in cannot be calculated because the required works are unpriced and redevelopment is unconfirmed.

Buy-to-Let Analysis

The supplied advertised asking rents range from £700 to £1,500 pcm, creating a very wide evidence range. Against the £230,000 guide, the indicative gross yield range is approximately 3.65% to 7.83%, before the £1,800 contract documentation fee, refurbishment, finance, maintenance, voids and other costs. No achieved rent or reliable single market rent is supplied, so the BTL case cannot be underwritten confidently.

Flip Analysis

A provisional base resale value of £337,500 is supported by the nearby October 2024 completed sale, but the bungalow requires improvement and modernisation. The flip surplus cannot be calculated because refurbishment costs, seller-charged fees, selling costs and any redevelopment outcome are unsupported. The broad comparable range also creates substantial valuation risk.

Investor Risks & Due Diligence

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

• Redevelopment potential is not confirmed and is subject to planning and council advice.

• The bungalow requires improvement and modernisation, but the scope and cost of works are unknown.

• Rental evidence consists only of advertised asking rents and varies materially from £700 to £1,500 pcm.

• The supplied completed sales vary substantially in price, date and potentially property or plot characteristics.

• The £1,800 contract documentation fee is payable by the buyer, and additional seller-charged fees may apply.

• Heating information is not supplied.

• EPC rating E may indicate further energy-efficiency considerations, although no improvement cost is provided.

Recommendation

Proceed only after full legal, measured-survey, building and planning due diligence. Treat the existing bungalow as a refurbishment opportunity rather than relying on redevelopment potential. Do not set a bid ceiling until works and all completion costs are quantified.

Strategy Rating

Analysis Confidence

There is useful same-road completed-sale evidence and rental asking evidence, but no quantified refurbishment cost, achieved rent, measured plot size, planning position, seller fees or confirmed redevelopment value.