23A Norfolk Street, Southsea, Hampshire, PO5 4DR

Description

Leasehold maisonette in a period conversion. The property comprises a living room, kitchen and shower room over the first and second floor, with 2 bedrooms on the third floor.

Accommodation

FIRST FLOOR: Wet Room - 2.04 x 1.69. SECOND FLOOR: Kitchen - 3.67 x 2.65; Living Room - 4.21 x 3.64. THIRD FLOOR: Bedroom 1 - 4.64 x 3.29; Bedroom 2 - 3.70 x 2.70. Total Floor Area - 74.88 sq.m.

Location

Situated in Southsea within easy reach of shops, restaurants and amenities, including Gunwharf Quays, Portsmouth Harbour, Southsea Seafront and Southsea Common. Portsmouth & Southsea mainline railway station is within walking distance providing direct links to London.

Tenure / Property Information

Investment Analysis

The most recent same-street comparable sold for £135,000 in November 2024. Older same-street sales range from £79,200 to £160,000. A cautious scenario range of £120,000–£150,000 is used, with £135,000 as base GDV, subject to the 62-year lease and property condition.

Investment Snapshot

Strategy Recommendation

Conditional BTL or BRRR only after confirming lease mortgageability, ground-rent terms, condition and achievable rent. Do not bid solely on the headline yield.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspect the property and legal pack before budgeting works; no works allowance is included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide plus the £1,560 buyer premium and minimum £1,750 administration charge, the known-cost total is £80,810 before works and other disbursements. A 75% refinance at the £135,000 base GDV indicates £101,250, potentially exceeding known acquisition costs by £20,440, but refinance is uncertain due to the short lease, ground-rent terms and unknown condition.

Buy-to-Let Analysis

Advertised rents indicate £1,100–£1,650 pcm, equivalent to approximately 17.0%–25.5% gross yield on the £77,500 guide before costs. These are asking rents, not achieved or passing rents. The 62-year lease and doubling ground rent require mortgageability and lease-extension review.

Flip Analysis

Using £135,000 base GDV, the apparent margin before works, selling costs, finance and unknown disbursements is £54,190. No reliable flip surplus or maximum bid can be established because refurbishment and selling costs are unsupported.

Investor Risks & Due Diligence

• Only 62 years remain on the lease.

• Ground rent doubles every 25 years and may affect mortgageability and resale.

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

• Property condition and refurbishment requirements are not evidenced.

• Additional legal, search, transfer and seller-cost disbursements may apply.

• Comparable sale prices vary materially and may reflect different property condition or lease terms.

Recommendation

Conditional BTL or BRRR only after confirming lease mortgageability, ground-rent terms, condition and achievable rent. Do not bid solely on the headline yield.

Strategy Rating

Analysis Confidence

There is a recent same-street sale and rental asking evidence, but no condition report, passing rent, refurbishment budget, selling costs or complete disbursement schedule.