27 Reepham Road, Melton Constable, Norfolk, NR24 2JL

Description

This unique development comprises of 13 one-and-two-bedroom properties being offered on a single title. All the units are currently tenanted and are producing £112,345 per annum (14% gross yield), making it an attractive proposition for both seasoned landlords and portfolio builders. The portfolio includes a mix of well-maintained units, each offering practical layouts, modern fittings, and reliable long term rental appeal. The plot extends to approximately xxx acre and is surrounded by gardens and offers ample communal parking for the tenants and visitors.

Accommodation

1 Limetree Bungalow – £625.00 pcm – 1 Bedroom; 2 Limetree Bungalow – £675.00 pcm – 1 Bedroom; 3 Limetree Bungalow – £785.00 pcm – 2 Bedroom; 4 Limetree Bungalow – £600.00 pcm – 1 Bedroom; 5 Limetree Bungalow – Leasehold, sold ground rent £325 p.a.; 6 Limetree Bungalow – £750.00 pcm – 2 Bedroom; 7 Limetree Bungalow – £725.00 pcm – 2 Bedroom; 8 Limetree Bungalow – £750.00 pcm – 2 Bedroom; 9 Limetree Bungalow – £700.00 pcm – 1 Bedroom; 10 Limetree Bungalow – £700.00 pcm – 2 Bedroom; Detached House: Flat 1 – £850.00 pcm – 2 Bedroom; Flat 2 – £565.00 pcm – 1 Bedroom; Flat 3 – £750.00 pcm – 1 Bedroom; Coach House – £860.00 pcm – 1 Bedroom

Location

Located within a popular and sought after North Norfolk village of Melton Constable close to Holt. The properties benefit from access to local amenities and convenient access to Melton Constable, Holt, Fakenham and wider North Norfolk.

Tenure / Property Information

Investment Analysis

The guide price is £750,000. The listed occupational rents total £9,335 pcm, or £112,020 p.a.; the separately stated £112,345 p.a. appears to differ by the £325 ground-rent figure. At the guide, the listed rents produce an indicative gross yield of approximately 14.94%. Applying the marketed 14% yield to the stated £112,345 income implies approximately £802,464, used as an indicative base GDV only, not a formal valuation. The supplied sold comparables are individual houses and are not sufficiently comparable to this 13-property income portfolio. The accommodation schedule appears to list 14 units despite the description stating 13, requiring legal and schedule verification.

Investment Snapshot

Strategy Recommendation

Consider only as an income-led buy-to-hold portfolio, subject to verifying the rent roll, all tenancies, title structure, exact unit count, Unit 5 ground-rent position, EPCs, condition and all special-condition fees. Do not rely on the indicative GDV for bidding without professional valuation and lender confirmation.

Works Required

No specific refurbishment works are evidenced. The stated description indicates well-maintained units with modern fittings. Allowance should therefore remain unquantified pending inspection, tenancy information and confirmation of communal areas, parking, heating and EPCs.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

An indicative 14% income-capitalised value is approximately £802,464, giving a theoretical 75% refinance figure of approximately £601,848. A reliable cash-left-in calculation cannot be completed because refurbishment costs, finance costs and any seller completion fees are unknown. The single-title structure and the leasehold status of Unit 5 require detailed title and lender due diligence.

Buy-to-Let Analysis

On the listed rents of £9,335 pcm, annual rent is £112,020 and the gross yield on the £750,000 guide is approximately 14.94%, before finance, management, maintenance, voids, tax, insurance and other costs. The income is attractive on the supplied figures, but the £325 discrepancy, the unit count inconsistency and unknown seller fees require confirmation. Net yield cannot be established from the evidence.

Flip Analysis

A flip analysis is not supported. The portfolio is fully tenanted, no refurbishment budget or resale costs are supplied, and the individual-house comparables do not establish a portfolio GDV. Sale of a tenanted single-title portfolio may also attract a different buyer pool from individual unit sales.

Investor Risks & Due Diligence

• The description states 13 properties, while the accommodation schedule appears to list 14 units.

• The £112,345 stated annual income differs from the listed rents of £112,020 p.a. by £325, matching the stated Unit 5 ground-rent figure.

• Unit 5 is described as leasehold with sold ground rent of £325 p.a. despite the portfolio being offered on a single freehold title; title and lease documentation require review.

• All units are tenanted, so tenancy terms, arrears, deposits, compliance and vacant-possession assumptions require verification.

• EPC information, heating details and property condition are not supplied.

• Seller fees may be payable on completion but are not quantified.

• The supplied sold comparables are individual residential properties and do not validate the portfolio valuation.

Recommendation

Consider only as an income-led buy-to-hold portfolio, subject to verifying the rent roll, all tenancies, title structure, exact unit count, Unit 5 ground-rent position, EPCs, condition and all special-condition fees. Do not rely on the indicative GDV for bidding without professional valuation and lender confirmation.

Strategy Rating

Analysis Confidence

Current rents, guide price and an auctioneer-stated gross yield are supplied, but there is no external rental evidence, no EPC information, no refurbishment budget, incomplete fee information, no directly comparable portfolio sales and material inconsistencies in the unit count and income presentation.