4, Tillett Road East, NORWICH, Norfolk, NR3 4JE

Description

An opportunity to acquire a four-bedroom detached house in the popular NR3 postcode of Norwich. The property enjoys a generous plot measuring 0.3 acres subject to measure survey, with two vehicle entrances, parking and a garage. The property has been in the same ownership since it was built and would benefit from updating and redecoration throughout. The plot may offer further development subject to obtaining the necessary planning permission.

Accommodation

Ground Floor: Entrance porch, hallway with under stairs cupboard, stairs to first floor, triple aspect lounge, dining room, kitchen, walk in pantry, cloakroom/wc. First Floor: Landing with storage cupboard, four bedrooms, family bathroom. Exterior: Two detached garages and driveways, with the second being via Layson Drive, mature front, extensive side and rear gardens, timber storage shed and greenhouse.

Location

Situated in the sought-after NR3 postcode of Norwich, with access to local amenities. Sprowston Road offers transport links into the city centre, inner and outer ring roads. Good access to schools.

Tenure / Property Information

Investment Analysis

The guide is £325,000, while the supplied completed-sale evidence is limited to another detached property at 2 Tillett Road East, which sold for £260,000 in February 2022. This is not a direct sale of the subject property and there is no evidence quantifying differences in size, condition, plot or specification. The subject has a reported 0.3-acre plot, two vehicle entrances and two detached garages, but the plot is subject to measurement and any development potential requires planning permission. A reliable GDV or maximum bid cannot therefore be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not rely on the guide as value. Obtain an independent valuation, inspect the updating requirement and heating, verify the plot and access, and investigate planning feasibility before considering a bid. On the supplied evidence alone, the purchase is not sufficiently underwritten for BTL, BRRR or flip.

Works Required

Updating and redecoration throughout, as stated in the description. No costed scope or evidence of specific defects has been supplied. Heating details should be confirmed with the auction centre.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be established because GDV, refurbishment costs and market rent are unsupported. The potential for further development is expressly subject to planning permission and should not be included in an appraisal without consent and cost evidence.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental comparables or auctioneer rent estimate were supplied. The known £1,800 contract documentation fee would also need to be included in any full acquisition appraisal, together with any applicable seller-charged fees.

Flip Analysis

A flip appraisal cannot be established. The only supplied recent comparable is £260,000 in February 2022 for another detached property, versus the current £325,000 guide, and no refurbishment budget, selling allowance or directly comparable subject-property valuation is provided.

Investor Risks & Due Diligence

• The supplied comparable evidence relates to another property at 2 Tillett Road East and is dated up to February 2022.

• The £325,000 guide is above the highest supplied comparable sale of £260,000, with no evidence explaining the difference.

• Updating and redecoration are required, but no costed scope or condition survey is supplied.

• Heating details are not provided and require confirmation.

• The reported 0.3-acre plot is subject to measurement survey.

• Further development is only a possibility subject to obtaining planning permission.

• Additional seller-charged fees may apply under the Special Conditions of Sale.

• No sufficiently specific rental evidence is available.

Recommendation

Do not rely on the guide as value. Obtain an independent valuation, inspect the updating requirement and heating, verify the plot and access, and investigate planning feasibility before considering a bid. On the supplied evidence alone, the purchase is not sufficiently underwritten for BTL, BRRR or flip.

Strategy Rating

Analysis Confidence

The property description, tenure, guide, one known buyer fee and limited nearby completed-sale evidence are supplied, but there is no direct subject-property sale, rental evidence, costed works schedule, GDV evidence or planning information.