16 Great Eastern Court, Lower Clarence Road, Norwich, Norfolk

Description

A purpose built one bedroom apartment located close to the city centre. An excellently located purpose built ground floor one bedroom apartment currently let with an income of £900 pcm. The property therefore offers an excellent yield and would sit well in a portfolio or as a sound investment for the future. The railway station is located within a short walk along with other useful shops and amenities nearby.

Accommodation

Hall, lounge, kitchen, double bedroom, bathroom

Location

Located close to the city centre. The railway station is within a short walk, with other useful shops and amenities nearby.

Tenure / Property Information

Investment Analysis

Five completed sales within Great Eastern Court range from £152,000 to £170,000, with an average of £162,800. A base GDV of £163,000 is supported, with low and high scenarios of £152,000 and £170,000. The subject’s current lease has 106 years remaining, but the comparables’ exact accommodation, condition and lease terms are not supplied.

Investment Snapshot

Strategy Recommendation

Best suited to a buy-to-let or portfolio acquisition, subject to verifying the £900 pcm tenancy, leasehold charges and legal-pack disbursements. The current income supports the investment case more clearly than a flip case.

Works Required

No refurbishment works are evidenced in the supplied information. Allowance is therefore made for no identified works, subject to inspection, tenancy information and legal-pack review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £163,000 base GDV, 75% refinance proceeds would be approximately £122,250. Against analysed acquisition, known charges and no evidenced works allowance of £91,800, this indicates approximately £30,450 cash potentially released before finance costs, taxes and other completion or refinance costs. Actual lending would depend on valuation, rent, lease, lender criteria and legal-pack matters.

Buy-to-Let Analysis

At the guide midpoint of £90,000, the stated current rent of £900 pcm produces £10,800 annual gross rent and a 12.0% gross yield before service charge, ground rent, finance, management, maintenance and voids. Including the known £600 buyer premium and £1,200 administration charge, total analysed cost is £91,800 and gross yield is approximately 11.76%. The stated rent is materially above the supplied £395-£400 pcm advertised asking rents in Ingram Court, although those listings are not identified as the subject block. Tenancy terms and rent verification are required.

Flip Analysis

The completed-sale evidence supports a base resale value of approximately £163,000, but no supported selling-cost allowance or refurbishment requirement is available. A formal flip surplus is therefore not calculated. At the guide midpoint, the gross difference between base GDV and analysed acquisition cost is £71,200 before selling costs, finance, tax and any works.

Investor Risks & Due Diligence

• The stated £900 pcm income requires verification from the tenancy agreement, rent schedule and bank evidence.

• Ground rent and service charge total £1,358.06 pa and reduce net returns; their split and future increases are not supplied.

• Additional legal-pack disbursements, seller-cost reimbursements, search fees, legal fees or transfer fees may apply but are unknown.

• The supplied £395-£400 pcm asking rents in Ingram Court are materially below the stated rent and are not confirmed as directly comparable.

• No condition, maintenance history, parking or heating details are supplied.

• Leasehold lender and resale acceptability should be confirmed for the 106 years remaining.

Recommendation

Best suited to a buy-to-let or portfolio acquisition, subject to verifying the £900 pcm tenancy, leasehold charges and legal-pack disbursements. The current income supports the investment case more clearly than a flip case.

Strategy Rating

Analysis Confidence

The analysis has five highly relevant completed sales, a stated current rent, known lease length and known buyer/admin charges. Confidence is reduced by missing tenancy documents, property condition, exact comparable specifications, legal-pack costs and the discrepancy between the stated rent and supplied nearby asking rents.