48 Avenue Road, Norwich, Norfolk, NR2 3HN

Description

An opportunity to acquire a mid-terrace house located within the heart of the area known as the Golden Triangle, NR2 postcode of Norwich. The property has previously been tenanted and proved to be a good investment and is now to be sold with vacant possession. This traditional Victorian property offers two reception rooms, kitchen and bathroom to the ground floor, and three bedrooms to the first floor, with the third being off the second. The rear garden is paved and benefits from pedestrian access. Avenue Road is ideally located for access to the sought-after Unthank Road parade of shops, eateries and pubs and is also within walking distance of the city centre. Full refurbishment required.

Accommodation

Ground floor: lounge, dining room, kitchen and bathroom. First floor: landing and three bedrooms, with the third bedroom accessed through the second. Exterior: gated pathway leading to the front door; low-maintenance rear garden laid to patio with access.

Location

Located in the sought-after NR2 Golden Triangle area of Norwich, near Unthank Road shops, eateries and pubs, and within walking distance of the city centre.

Tenure / Property Information

Investment Analysis

The supplied completed sales on Avenue Road range from £215,000 to £300,000, with the latest evidenced sale at £300,000 in November 2022. Because the comparables do not provide condition, size or specification details, and this property requires full refurbishment, a cautious base GDV of £250,000 is used, with an evidence-based range of £215,000–£300,000. This is an estimate, not a formal valuation.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory lease information, inspection and a fully costed refurbishment plan. The guide appears below the cautious GDV evidence, but the unknown lease liabilities and refurbishment cost prevent a reliable bid or return calculation.

Works Required

Full refurbishment is stated as required. The scope and cost cannot be quantified from the evidence supplied; kitchen, bathroom, finishes, services, external areas and EPC-related works should be assessed before bidding rather than assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £160,000 guide, the known buyer cost is the £1,800 inclusive-of-VAT contract documentation fee, but refurbishment costs, lease costs and any seller charges are unknown. A 75% refinance against the cautious £250,000 base GDV would be £187,500; cash left in cannot be calculated without a supported works budget and total acquisition cost.

Buy-to-Let Analysis

The property has previously been tenanted and is offered with vacant possession, but no sufficiently specific rental evidence or auctioneer rent estimate is supplied. Rental yield and rental viability therefore cannot be established. Full refurbishment, EPC E and unknown lease costs are additional considerations.

Flip Analysis

The evidenced comparable range supports an indicative base GDV of £250,000, but no refurbishment quotation or selling-cost allowance is supplied. Flip surplus cannot therefore be calculated. The £300,000 comparable provides upside evidence, but condition and specification differences are unknown.

Investor Risks & Due Diligence

• Full refurbishment is required, but no works scope or cost estimate is supplied.

• Lease length, ground rent, review provisions and service charge are unknown.

• No sufficiently specific rental evidence is available, so BTL yield cannot be established.

• The property has an EPC rating of E.

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

• The seller may charge additional completion fees under the special conditions, but details are not supplied.

• Comparable sales vary materially from £215,000 to £300,000 and lack condition and specification details.

Recommendation

Proceed only subject to satisfactory lease information, inspection and a fully costed refurbishment plan. The guide appears below the cautious GDV evidence, but the unknown lease liabilities and refurbishment cost prevent a reliable bid or return calculation.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and a stated guide price, but no property-specific condition costs, rental evidence, lease terms, floor area, seller charges or selling-cost allowance.