330 London Road South, Lowestoft, Suffolk

Description

Substantial three storey Victorian terrace house converted into three flats in 1980's now in need of some refurbishment. Two flats vacant with ground floor becoming vacant in early October. The flats have their own electricity and water supplies and all offer a double bedroom, sitting room, kitchen and bathroom. There is a front garden mostly gravelled for easy maintenance and to the rear there is a gated garden which contains three storage sheds, one for each flat, and a landlord's maintenance shed. This is a great investment for accommodating local contractors (particularly Sizewell). Also has the potential to sell the flats leasehold and retain the freehold to the property if preferred.

Accommodation

Ground floor flat: Hall, bedroom, shower room, sitting room, kitchen. Storage shed in the garden. First floor flat: Hall, bedroom, shower room, sitting room, kitchen. Storage shed in the garden. Second floor flat: Hall, bedroom, shower room, sitting room, kitchen. Storage shed in the garden. Front garden mainly gravelled. Gated rear garden with three storage sheds, one for each flat, and a landlord's maintenance shed.

Location

330 London Road South, Lowestoft, Suffolk. The property may be suitable for accommodating local contractors, particularly those working at Sizewell.

Tenure / Property Information

Investment Analysis

The property is a freehold Victorian terrace converted into three self-contained flats, currently vacant and described as needing some refurbishment. The £180,000–£200,000 guide is not independently supportable from the supplied evidence. The only sold comparables are for 320 London Road South and date from 2000 and 2002, so they are insufficient for a current valuation. The supplied rental evidence is for three-bedroom properties and is not directly applicable to the three one-bedroom flats. Buyer premium and admin charge total £2,340, before any legal-pack disbursements.

Investment Snapshot

Strategy Recommendation

Do not bid on the current evidence alone. Proceed only after reviewing the legal pack, confirming the conversion and compliance position, obtaining current valuations for the individual flats or whole property, and commissioning a detailed refurbishment assessment.

Works Required

Undertake the unspecified refurbishment referred to in the particulars. The supplied evidence does not identify individual defects, specifications or required compliance works, so no detailed scope or cost can be established.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten from the supplied evidence because current value, post-refurbishment value, refurbishment cost, achievable rent and refinance terms are unavailable. The property has three separate flats and individual electricity and water supplies, but legal, compliance and lender acceptability should be verified.

Buy-to-Let Analysis

The property offers three vacant flats, each described as having one double bedroom, but no directly comparable one-bedroom rental evidence or auctioneer rent estimate is supplied. BTL rent and yield therefore cannot be established reliably. The potential contractor accommodation use is only a suggestion in the particulars and is not evidence of achievable rent or demand.

Flip Analysis

A flip appraisal cannot be quantified. No current comparable sales, flat-by-flat values, refurbishment budget or selling allowance is supplied. The historic sales at 320 London Road South are too old and are not demonstrated to be comparable to this three-flat freehold property.

Investor Risks & Due Diligence

• Current market value cannot be established from the supplied comparables.

• The rental evidence relates to three-bedroom properties rather than the three one-bedroom flats.

• Refurbishment is mentioned but no defects, scope or cost are provided.

• Legal-pack disbursements may be payable but are not quantified.

• Conversion, licensing, fire-safety and other compliance requirements are not evidenced.

• The property is vacant, so no passing rent is available.

Recommendation

Do not bid on the current evidence alone. Proceed only after reviewing the legal pack, confirming the conversion and compliance position, obtaining current valuations for the individual flats or whole property, and commissioning a detailed refurbishment assessment.

Strategy Rating

Analysis Confidence

The property description, tenure, vacancy and auction charges are supplied, but current valuation, applicable rent, refurbishment cost, legal status and resale evidence are insufficient for reliable financial calculations.