27 Hill Street, Norwich, Norfolk

Description

An opportunity to acquire a traditional Victorian mid-terrace house in the Golden Triangle area of Norwich. The property has been in the same ownership for many years and requires a comprehensive programme of updating and refurbishment throughout. It offers two reception rooms, a kitchen and bathroom to the ground floor, and three bedrooms on the first floor, with the third bedroom accessed through the second. The rear garden is non-bisected and currently uncultivated.

Accommodation

Ground floor: lounge, dining room, kitchen and bathroom. First floor: landing and three bedrooms, with the third bedroom accessed through the second. Exterior: front garden with path to front door and non-bisected rear garden.

Location

Located within the sought-after NR2 Golden Triangle, with access to the Unthank Road parade of shops, eateries and pubs, and within walking distance of Norwich city centre.

Tenure / Property Information

Investment Analysis

The five same-street freehold terraced comparables sold from £228,000 to £340,000, with a median of £260,000. The subject's comprehensive refurbishment requirement and its third bedroom being accessed through the second bedroom create uncertainty over its finished-market position. A base GDV of £260,000 is used, with a low scenario of £228,000 and high scenario of £340,000, reflecting the supplied evidence rather than a formal valuation.

Investment Snapshot

Strategy Recommendation

Potential refurbishment-led BTL/BRRR acquisition, subject to full inspection, auction legal pack review, confirmation of parking/heating and validation of achievable rent. Use approximately £135,200 as an illustrative risk-adjusted maximum bid based on 70% of base GDV less base works and the known documentation fee; do not rely on the high GDV or highest rent without further evidence.

Works Required

Comprehensive updating and refurbishment throughout, as expressly stated in the description. The allowance should cover general internal updating, kitchen and bathroom refurbishment, decoration, flooring, garden clearance and making good, subject to survey and contractor quotations. No unsupported structural or services defects are assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £120,000 guide, £45,000 base works allowance and £1,800 known documentation fee, total cost is estimated at £166,800. At a £260,000 base GDV, 75% refinance is £195,000, implying £28,200 more than the stated acquisition and base works cost before refinance costs, tax, finance and any other fees. Actual refinance depends on valuation, lender criteria and the completed condition.

Buy-to-Let Analysis

Rental evidence is inconsistent, ranging from £400 to £1,315 pcm. A working rent of £1,079 pcm, the lowest of the more substantial Norwich 3-bedroom asking-rent evidence, produces £12,948 annual rent, a 10.79% gross yield on the £120,000 guide and 7.76% on guide price, base works and the £1,800 documentation fee. These are gross figures before finance, tax, maintenance, voids, insurance and management.

Flip Analysis

Base GDV of £260,000 less the estimated £166,800 purchase, works and known documentation cost leaves £93,200 before selling costs, finance, tax and any seller fees. A formal flip surplus is not stated because no supported selling-cost allowance or finance-cost evidence was supplied. The wide comparable range and unknown finished condition make the resale outcome uncertain.

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

• Comprehensive refurbishment is required, but no survey, specification or contractor quotations are supplied.

• The third bedroom is accessed through the second bedroom, which may affect marketability and achievable rent.

• Sold comparables range widely from £228,000 to £340,000 and their condition and accommodation details are not provided.

• Rental evidence ranges from £400 to £1,315 pcm and consists only of advertised asking rents.

• EPC, heating and parking information are unavailable.

• Additional seller fees may be payable under the special conditions but are not quantified.

• Finance, tax, maintenance, void, insurance, management and selling costs are excluded from the calculations.

Recommendation

Potential refurbishment-led BTL/BRRR acquisition, subject to full inspection, auction legal pack review, confirmation of parking/heating and validation of achievable rent. Use approximately £135,200 as an illustrative risk-adjusted maximum bid based on 70% of base GDV less base works and the known documentation fee; do not rely on the high GDV or highest rent without further evidence.

Strategy Rating

Analysis Confidence

Same-street sold comparables and several rental listings are available, but comparable property condition, floor areas, EPC, heating, parking, refurbishment quotations, seller fees and achieved rent are unavailable. Rental evidence is also materially inconsistent.