156 Unthank Road, Norwich, Norfolk

Description

This spacious three bedroom bay fronted hall entrance mid terrace house was built in 1895. It was let to students for a number of years and is now to be sold with vacant possession. The property extends to around 133 sq/m, is partly double glazed and has gas central heating. It requires some modernisation to realise its full potential. First time to market in nearly 50 years.

Accommodation

Ground Floor: Entrance hall, sitting room, dining room, kitchen, utility room, bathroom, wc. First Floor: Landing, three bedrooms, study. Outside: Front garden laid to mainly gravel, rear enclosed yard with timber shed. Rear access via locked gate with passageway off Onley Street.

Location

The property is conveniently located next to a Co-op convenience store around a mile west of the city centre in the Golden Triangle.

Tenure / Property Information

Investment Analysis

The most relevant evidence is 168 Unthank Road, a freehold terraced sale at £303,000 in November 2024. Other same-road sales range from £386,000 to £430,000 but are older and provide no detail on size or condition. Given this property’s 133 sq m accommodation and stated need for modernisation, £303,000 is used as the base GDV, with indicative low and high scenarios of £280,000 and £350,000. These are estimates, not formal valuations.

Investment Snapshot

Strategy Recommendation

Proceed only conditionally after reviewing the legal pack, inspecting the property and obtaining a firm modernisation budget. BTL may be viable at the guide on headline gross yield, but the unknown works cost and auction costs materially affect returns. Avoid setting a maximum bid until those costs are known.

Works Required

Modernisation required to realise the property’s potential. The specific scope and cost are unsupported by the evidence and should be established through inspection, contractor pricing and review of the legal pack. Existing gas central heating and partly double-glazed windows are noted but no replacement scope is assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At a base GDV of £303,000, 75% loan-to-value refinancing would equate to approximately £227,250. Cash-left-in cannot be calculated because the refurbishment cost and full acquisition costs are unknown. BRRR viability therefore depends on obtaining a priced works schedule and confirming refinance valuation and lending terms.

Buy-to-Let Analysis

Indicative advertised rents are £1,079–£1,350 pcm, with £1,205 pcm used as the central evidence point, equating to £14,460 annually. This produces an estimated gross yield of 5.63%–7.04% on the £230,000 guide, before the £960 buyer premium, £1,200 admin charge, disbursements, finance, maintenance, voids and modernisation costs. The rents are asking rents rather than achieved rents, and the property’s former student letting use does not establish current rental performance.

Flip Analysis

A base resale value of approximately £303,000 is indicated by the most recent same-road sale, with wider indicative scenarios of £280,000–£350,000. A flip surplus cannot be calculated because refurbishment costs, selling costs and any finance costs are unsupported. The project should not be underwritten on the apparent GDV spread alone.

Investor Risks & Due Diligence

• The scope and cost of the required modernisation are unknown.

• Buyer premium, admin charge and potentially payable legal-pack disbursements reduce returns.

• Rental figures are advertised asking rents, not achieved or passing rents.

• Sold comparables vary materially in price and lack confirmed size, condition and specification details.

• The property has previously been let to students, but no current letting demand, occupancy or achieved student rent is evidenced.

• The current EPC rating is D and no upgrade cost or requirement is provided.

Recommendation

Proceed only conditionally after reviewing the legal pack, inspecting the property and obtaining a firm modernisation budget. BTL may be viable at the guide on headline gross yield, but the unknown works cost and auction costs materially affect returns. Avoid setting a maximum bid until those costs are known.

Strategy Rating

Analysis Confidence

There is useful same-road sold-price evidence, rental evidence and a stated guide price, but the comparable properties’ size and condition are unknown and no refurbishment cost, full fee schedule, achieved rent or legal-pack details are supplied.