3, Margaret Road, Norwich, Norfolk, NR5 0AU

Description

An opportunity to acquire a semi-detached two-bedroom bungalow located within the popular suburb of Costessey in Norwich. The property offers kitchen/diner, inner hallway, cloakroom, lounge, two bedrooms and family bathroom. Low maintenance walled front garden with driveway providing off road parking and pedestrian access to enclosed established rear garden. The property has been in the same ownership for many years so would benefit from updating and refurbishing throughout and there may be the opportunity to extend subject to obtaining the necessary planning consent.

Accommodation

Entrance porch, lounge, kitchen/diner, rear hall, two bedrooms, cloakroom and bathroom.

Location

Costessey is a popular Norwich suburb west of Norwich city centre, offering local shops, banks, leisure facilities, schools and Norwich City Airport. The Southern bypass provides access around the city and to major trunk roads. Norwich offers a diverse economy, the University Hospital, agricultural and growing tourism sectors, and modern facilities and amenities.

Tenure / Property Information

Investment Analysis

The five supplied Margaret Road completed sales range from £205,000 to £236,000, with an average of approximately £224,522. However, the evidence does not confirm their bedroom counts or whether they are bungalows. A provisional base GDV of £220,000 is therefore used, with £205,000 to £236,000 as an evidence-based scenario range. The subject requires updating and refurbishment throughout, but no quantified works cost is supplied.

Investment Snapshot

Strategy Recommendation

Investigate cautiously as a potential refurbishment-led rental or resale. Obtain a detailed inspection, refurbishment quotations, EPC and the Special Conditions before bidding; do not rely on the provisional GDV without confirming comparability.

Works Required

Updating and refurbishing throughout, as stated in the description. The potential for an extension is noted, but would be subject to planning consent and no specific scheme or cost is evidenced.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £140,000 guide, the property has a provisional £220,000 base GDV and a 75% GDV refinance figure of £165,000. The refinance position cannot be assessed reliably because refurbishment costs and any additional completion or finance costs are unknown.

Buy-to-Let Analysis

The supplied relevant rental evidence is an advertised asking rent of £1,200 pcm for a two-bedroom property in Norfolk. This implies annual gross rent of £14,400 and approximately 10.29% gross yield against the £140,000 guide price, before refurbishment, finance, tax, insurance, maintenance, voids and management. Yield on total cost cannot be established because refurbishment costs and any seller fees are not supplied.

Flip Analysis

The supplied completed sales support a provisional GDV range of £205,000 to £236,000, with a £220,000 base case. A flip surplus cannot be calculated because refurbishment costs, selling costs and any additional seller fees are not provided.

Investor Risks & Due Diligence

• The completed comparables are not confirmed to be two-bedroom bungalows, so GDV comparability is uncertain.

• The property is stated to require updating and refurbishment throughout, but no works scope or cost is supplied.

• The £1,200 pcm figure is an advertised asking rent rather than achieved rent.

• EPC and heating information are unavailable.

• The seller may charge additional completion fees under the Special Conditions of Sale.

• Any extension would require the necessary planning consent and its feasibility is unconfirmed.

Recommendation

Investigate cautiously as a potential refurbishment-led rental or resale. Obtain a detailed inspection, refurbishment quotations, EPC and the Special Conditions before bidding; do not rely on the provisional GDV without confirming comparability.

Strategy Rating

Analysis Confidence

There are five same-road completed sales and one relevant two-bedroom advertised rent, but the comparable property specifications, condition, refurbishment costs, EPC, heating details and possible seller fees are unavailable.