5 Old Market, Beccles, Suffolk

Description

Grade II listed mid terrace property that dates from the 18th century. It is currently arranged as two flats with accommodation over four floors, and has planning permission to convert into a three bedroom house. Flats 5A and 5B were let for many years and are now to be sold with vacant possession. The property has gas central heating and requires refurbishment to realise its full potential. Ideal project for a builder / developer.

Accommodation

Lower ground floor: Cellar. Ground floor: Entrance hall, sitting room, dining room, kitchen, shower room. First floor: Landing, two rooms, kitchen, bathroom. Second floor: Room. Outside: Rear garden in need of attention.

Location

Conveniently located in the heart of the town centre.

Tenure / Property Information

Investment Analysis

The £255,000 June 2024 sale of 3 Old Market is the only recent comparable and provides an indicative reference for the proposed three-bedroom house, but differences in condition, layout and specification are unknown. A reliable valuation range cannot be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the listed-building/planning position, legal pack and obtaining a robust refurbishment quotation. Do not rely on the indicative GDV without further comparable evidence.

Works Required

Refurbishment to realise the property's potential, conversion from two flats into the permitted three-bedroom house, and attention to the rear garden. The Grade II listed status and planning permission should be verified in the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

An indicative GDV of £255,000 is based on the single recent same-street comparable. Refurbishment costs, total project cost and refinance cash position cannot be calculated because no works budget or sufficient cost evidence is supplied. The indicative 75% GDV refinance is £191,250.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The property is vacant and currently arranged as two flats, with permission to convert to a three-bedroom house.

Flip Analysis

The single comparable suggests an indicative GDV of £255,000, but refurbishment costs, acquisition costs beyond the stated admin charge, selling costs and special-condition disbursements are unknown. Flip surplus cannot therefore be calculated.

Investor Risks & Due Diligence

• Grade II listed status may affect permitted works and conversion implementation.

• Refurbishment costs are not supplied.

• Planning permission details and conditions require legal-pack verification.

• No sufficiently specific rental evidence is available.

• Special Conditions of Sale may impose additional search, seller, legal, transfer or other disbursement costs.

• The property is currently arranged as two flats rather than the proposed three-bedroom house.

• The rear garden requires attention.

Recommendation

Proceed only after reviewing the listed-building/planning position, legal pack and obtaining a robust refurbishment quotation. Do not rely on the indicative GDV without further comparable evidence.

Strategy Rating

Analysis Confidence

One recent same-street sale is available, but there is no rental evidence, refurbishment budget, detailed valuation evidence or confirmed special-condition costs.