156 Pakefield Street, Lowestoft, Suffolk

Description

Two bedroom end terraced house situated close proximity to Pakefield beach on the East Suffolk coast south of Lowestoft. The property has recently been let and is now vacant and would benefit from some redecoration. It offers an opportunity as a holiday home or first time purchase.

Accommodation

Ground floor: entrance porch, sitting room, dining room, kitchen. First floor: landing, two bedrooms, bathroom. Exterior: walled front garden; shared access leads to the enclosed rear garden.

Location

Situated in the village of Pakefield on the East Suffolk coast, south of Lowestoft, a short stroll from Pakefield beach.

Tenure / Property Information

Investment Analysis

The strongest evidence is the same-street sale at 160 Pakefield Street for £185,000 in August 2024. Other Pakefield Street sales range from £172,500 to £300,000, but the properties' sizes, specifications and condition are not supplied. The £300,000 and £225,000 sales may not be directly comparable. A base GDV of £185,000 is therefore an indicative, evidence-led estimate rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential buy-to-let or personal holiday/first-home purchase at a suitably discounted auction price, subject to confirming condition, legal-pack costs and achievable rent. Do not rely on the GDV or refinance figures as formal valuations.

Works Required

Redecoration is specifically indicated. No allowance is made for other works because the evidence does not identify additional defects or required improvements. The legal pack should confirm condition, services and any purchaser liabilities.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At an indicative £185,000 GDV, 75% refinance is £138,750. The purchase price, refurbishment allowance and total acquisition costs cannot be established reliably because the eventual auction price, redecoration cost and legal-pack disbursements are unknown. Cash left in therefore cannot be calculated.

Buy-to-Let Analysis

The two supplied rental listings advertise £800 pcm for two-bedroom Lowestoft properties, implying £9,600 annual gross rent. Against the £120,000 midpoint of the guide range, the indicative gross yield is 8.0%. This excludes refurbishment, finance, maintenance, voids, management, insurance, tax and all unknown auction disbursements; achieved rent is not confirmed.

Flip Analysis

The indicative £185,000 base GDV is supported primarily by the £185,000 August 2024 same-street sale, but comparability is uncertain. A flip surplus cannot be calculated because refurbishment costs, the final purchase price, unknown auction disbursements and selling costs are not evidenced.

Investor Risks & Due Diligence

• Final auction price may exceed the guide range.

• The £800 pcm figures are advertised asking rents, not achieved rents.

• Condition is only described as requiring some redecoration; the extent and cost of works are unknown.

• Sold comparables differ in address and may differ in size, specification and condition.

• Buyer premium, admin charge and any legal-pack disbursements increase acquisition cost.

• Finance, tax, maintenance, insurance, voids and management costs are excluded from the gross yield.

• No parking or heating information is supplied.

• Holiday-home use and any related restrictions or operating costs are not evidenced.

Recommendation

Potential buy-to-let or personal holiday/first-home purchase at a suitably discounted auction price, subject to confirming condition, legal-pack costs and achievable rent. Do not rely on the GDV or refinance figures as formal valuations.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, guide range, two advertised rents and several sold comparables are supplied, but condition detail, refurbishment cost, final purchase price, property measurements, legal-pack disbursements and achieved rent are unavailable.