24a, Glenmore Gardens, Norwich, Norfolk, NR3 2RN

Description

An opportunity to acquire a well presented two-bedroom first floor apartment that is located within the popular and sought after NR3 postcode just to the north of Norwich city centre. The apartment is in good order throughout and has the potential to produce £950 - £1000 per calendar month (yield of approximately 10%) making it a sound investment purchase. Glenmore Gardens lies off the Aylsham Road and is close to a variety of local amenities, excellent transport links to the city centre and bypass.

Accommodation

Ground Floor: External stairs to front door. First Floor: Entrance door, hallway, kitchen, lunge, two bedrooms, bathroom. Exterior: Enclosed rear garden, on road parking.

Location

Located in the popular and sought after NR3 postcode just to the north of Norwich city centre. Glenmore Gardens lies off the Aylsham Road and is close to a variety of local amenities, excellent transport links to the city centre and bypass.

Tenure / Property Information

Investment Analysis

The guide is £90,000. Same-road freehold flat comparables sold for £86,000 in 2021, £90,000 in 2018 and £105,000 in 2017. Given the stated good order and two-bedroom accommodation, an evidence-based indicative GDV range is £90,000–£105,000, with a base estimate of £100,000. The comparables are dated and no floor-area or current comparable evidence is supplied.

Investment Snapshot

Strategy Recommendation

Best suited to a buy-to-let purchase at or below the guide, subject to rent, title, heating, EPC and special-condition checks. Avoid relying on the nominal flip margin unless acquired materially below guide.

Works Required

No refurbishment works are identified in the description, which states the apartment is in good order. Before bidding, verify the heating system, EPC implications, garden condition and any repair or maintenance requirements. The £1,800 inclusive-of-VAT contract documentation fee and any seller-charged special-condition fees must be allowed for.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £90,000 guide, no quantified refurbishment allowance and the known £1,800 fee, base project cost is £91,800 before any unknown seller fees, finance or tax. A 75% refinance against the £100,000 base GDV would be £75,000, leaving indicative pre-finance cash tied in of £16,800. Actual refinanceability depends on lender valuation, rent stress testing, EPC and title/property checks.

Buy-to-Let Analysis

At the midpoint auctioneer rent estimate of £975 pcm, annual gross rent is £11,700. This produces approximately 13.0% gross yield on the £90,000 guide and 12.7% on the guide plus the known £1,800 documentation fee, before finance, tax, insurance, maintenance, voids and management. The rent is an auctioneer estimate rather than achieved rent; the supplied £1,700 listing is not sufficiently comparable to use.

Flip Analysis

At the £90,000 guide and £100,000 base GDV, the nominal margin before selling costs, finance, tax, unknown seller fees and works is £8,200. This is too limited to establish an attractive flip without a lower purchase price or stronger verified GDV. No supported selling-cost allowance is available, so a net flip surplus is not stated.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• The £950–£1,000 pcm rent is an auctioneer estimate, not achieved or passing rent.

• The comparable sales are dated, with the latest supplied sale completing in 2021.

• EPC rating is E and no improvement requirements or costs are supplied.

• Heating details are unavailable.

• The seller may charge additional completion fees under the special conditions, but no amount is supplied.

• On-road parking and an external-stairs access arrangement may affect tenant demand, but no market evidence is supplied.

• No lease details are provided despite the property being described as a first-floor apartment; title and legal arrangements require verification.

Recommendation

Best suited to a buy-to-let purchase at or below the guide, subject to rent, title, heating, EPC and special-condition checks. Avoid relying on the nominal flip margin unless acquired materially below guide.

Strategy Rating

Analysis Confidence

The evidence includes same-road completed sales, an auctioneer rent range, tenure and a stated condition, but the sales are dated, the rental evidence is limited, no floor area or verified passing rent is supplied, and possible seller fees and heating details are unknown.