165 High Street, Gorleston, Great Yarmouth, Norfolk, NR31 6RG

Description

Vacant double fronted shop extending to nearly 2,000 sq.ft in a prime high street location. A large, well proportioned double fronted ground floor unit, long established as a hair salon, although suitable for a variety of alternative uses including retail or office. The 30 ft (9.1m) frontage incorporates a contemporary shop front with recessed double door entry and a mostly open plan salon/retail area with a shop depth of 64 ft (19.5m). To the rear are ancillary kitchenette, office, store and staff WC, with an external fire escape route to High Street.

Accommodation

Ground floor retail area, office, WC/shower room and boiler room; ancillary kitchenette and store; external fire escape route to High Street.

Location

High Street is home to national occupiers including Card Factory, Costa Coffee, Subway, Greggs, Iceland, Farm Foods and Superdrug. Close neighbours include Palace Cinema, The William Adams (J.D. Wetherspoon), with Domino's and Betfred opposite. Other occupiers include sole trader retailers, salons, offices and other uses. Gorleston-on-Sea is a suburb of Great Yarmouth, situated to the south and west side of the River Yare, and remains a resort with Edwardian charm around the beach.

Tenure / Property Information

Investment Analysis

The property is a vacant commercial leasehold shop of nearly 2,000 sq ft. The guide range is £80,000–£100,000. Same-address Land Registry evidence includes £82,000, £100,000 and £103,000 sales, but these are mainly classified as flat/maisonette rather than commercial retail, so comparability is limited. The £195,000 2018 sale is classified only as Other and is historic. A cautious base GDV of £100,000 is therefore used, with a broad evidence-led range of £82,000–£103,000. The advertised £5,833 pcm rent is postcode-level commercial asking evidence, not achieved rent or a passing rent.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the legal pack and independently verifying achievable commercial rent, use permissions, service charge, ground rent and all special-condition costs. At the guide midpoint, the purchase is potentially attractive on the advertised rent but should not be underwritten as a high-yield investment without a tenant or validated letting evidence.

Works Required

No specific defects or refurbishment requirements are evidenced. The unit may require tenant-specific fit-out or adaptation for a new retail, office or other permitted use, but no cost allowance is included. The legal pack should confirm use, service charge, ground rent, repair obligations and any additional auction costs.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using a £90,000 purchase assumption, no refurbishment allowance and £2,160 of stated buyer/admin charges, the analysed cost is £92,160. A 75% refinance of the £100,000 base GDV would be £75,000, leaving approximately £17,160 invested before finance, tax and any unquantified legal or property costs. The refinance case is weakly supported because the valuation evidence is not directly comparable commercial evidence and the property is leasehold with unknown service charge and ground rent.

Buy-to-Let Analysis

At the guide midpoint of £90,000, the advertised £5,833 pcm rent implies £69,996 per annum and a gross yield of approximately 77.77% before costs. This is not reliable evidence of achievable income: it is an asking rent for NR31 6, not a completed letting or passing rent, and service charge, ground rent, voids, management, maintenance, tax and finance costs are unknown. Commercial letting demand and tenant covenant would need verification.

Flip Analysis

A base GDV of £100,000 gives only £7,840 of value above the £92,160 analysed acquisition cost before selling costs, finance, tax, legal costs and any works. No selling allowance or refurbishment cost is supported, so a reliable flip surplus cannot be calculated. The limited and poorly classified comparable evidence makes resale value uncertain.

Investor Risks & Due Diligence

• The rental evidence is an advertised postcode-level asking rent, not achieved rent or passing income.

• The sold comparables are mainly classified as flat/maisonette and may not represent the commercial shop's value.

• Annual service charge and ground rent are unknown and could materially affect net returns.

• Special Conditions of Sale may add search fees, seller-cost reimbursement, legal fees and transfer fees.

• No condition survey or refurbishment cost evidence is available.

• The property is vacant, creating letting, void and tenant-covenant risk.

• Commercial use, alternative-use permissions and any tenant fit-out requirements require verification.

Recommendation

Proceed only after reviewing the legal pack and independently verifying achievable commercial rent, use permissions, service charge, ground rent and all special-condition costs. At the guide midpoint, the purchase is potentially attractive on the advertised rent but should not be underwritten as a high-yield investment without a tenant or validated letting evidence.

Strategy Rating

Analysis Confidence

The property description, guide, lease term, auction charges and one advertised rent are supplied, but there is no condition survey, direct commercial comparable evidence, achieved rent, passing tenant, service-charge/ground-rent figures or complete legal-pack cost information. The same-address sales are mostly misclassified as flats/maisonettes.