174 King Street, Great Yarmouth, NR30 2NY

Description

A Freehold Adult Gaming Investment with Vacant Upper Floors. Total Accommodation extending to approx. 567.88 sq m (6,113 sq ft) (GIA). Potential for re-development/alternative use of the upper floors, subject to consents. Located in a town centre location, close to Subway, Costa and Victoria Arcade. Investment let at £30,000 p.a.

Accommodation

Total accommodation extending to approx. 567.88 sq m (6,113 sq ft) (GIA).

Location

Town centre location, close to Subway, Costa and Victoria Arcade. Great Yarmouth is a popular seaside town on Norfolk's east coast, 20 miles east of Norwich. The town has communications with the A47, providing links to Norwich, the A11, the A140 and the A12 linking to Ipswich. Great Yarmouth Railway Station is 0.7 miles from the property with services to Norwich, Lowestoft and London.

Tenure / Property Information

Investment Analysis

The £200,000 guide is below the supplied completed sales at 174A King Street (£300,000 in 2017) and 177A King Street (£236,000 in 2024), but the comparables are recorded only as “Other” and their accommodation, income and condition are not supplied. The £130,000 2022 sale provides a lower evidence point. A provisional HB GDV range of £130,000–£300,000 is therefore used, with £236,000 as the base scenario based on the most recent supplied comparable. This is not a formal valuation. The stated £30,000 p.a. rent equates to a 15.0% gross yield on the £200,000 guide before VAT, fees and other costs.

Investment Snapshot

Strategy Recommendation

Prioritise the existing income-producing commercial investment only if the new 10-year lease, £30,000 rent, tenant covenant and VAT treatment are verified. Treat the vacant upper floors as unquantified upside rather than underwriting them without planning, building and cost advice.

Works Required

No specific defects or required works are supplied. The upper floors are vacant and are described as having potential for redevelopment or alternative use, subject to consents; any conversion, refurbishment or compliance works cannot be costed from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £236,000 base GDV, 75% refinancing equates to £177,000. A complete cash-left-in calculation is unavailable because refurbishment costs, VAT and other acquisition costs are not supplied. The vacant upper floors may provide additional value, but redevelopment is expressly subject to consents and cannot be relied upon in the base case.

Buy-to-Let Analysis

The stated investment rent is £30,000 p.a. under a new 10-year lease, equivalent to £2,500 pcm and a 15.0% gross yield on the £200,000 guide. Net yield cannot be established because VAT, buyer/admin charges, operating costs, lease terms and tenant covenant information are not supplied. The income is attractive on the guide, subject to verification of the lease and rent.

Flip Analysis

Against the £236,000 base GDV, the guide price produces a raw £36,000 difference before VAT, acquisition costs, works, finance and selling costs. No supported refurbishment or selling allowance is available, so a reliable flip surplus cannot be calculated. The comparable evidence is limited and not sufficiently detailed to confirm the base GDV.

Investor Risks & Due Diligence

• VAT is applicable, but the VAT amount and treatment are not supplied.

• Buyer premium and administration charges are not supplied.

• The upper floors are vacant and any redevelopment or alternative use is subject to consents.

• No condition, refurbishment, compliance or conversion cost information is supplied.

• Lease details beyond a new 10-year term and £30,000 p.a. rent are not supplied, including tenant covenant and repairing obligations.

• The comparable sales have limited description and may not be directly comparable in use, accommodation or condition.

Recommendation

Prioritise the existing income-producing commercial investment only if the new 10-year lease, £30,000 rent, tenant covenant and VAT treatment are verified. Treat the vacant upper floors as unquantified upside rather than underwriting them without planning, building and cost advice.

Strategy Rating

Analysis Confidence

There is useful guide, rent, lease, tenure and comparable-sale evidence, but the comparables lack detail and there are no refurbishment costs, VAT amount, buyer/admin fees, operating costs, EPC or planning/consent information.