5 St. Michael-At-Pleas, Norwich, Norfolk NR3 1EP

Description

City centre three bedroom maisonette let producing £16,200 pa with garage This three bedroom maisonette with accommodation over three floors extends to around 109 sq/m. The property is let on an assured periodic tenancy dated 31st May 2026 at £1,350 pcm (£16,200 pa). The garage providing valuable off road parking in the city centre is not included in the tenancy giving further income letting potential. The property has open plan living, is in good decorative order, is double glazed and has gas central heating. The good epc C rating makes it an ideal buy to let investment. Prime location in the heart of the city centre.

Location

5 St. Michael-At-Pleas, Norwich, Norfolk NR3 1EP. Located in the NR3 postcode district. Verify exact position, access, local demand and comparable evidence before bidding.

Investment Analysis

Investment Snapshot

Strategy Recommendation

Initial strategy: Development. Set the maximum bid only after reviewing condition, legal pack, finance, rents and sold evidence.

Works Required

Obtain a survey and contractor quotations. Allow for services, compliance, decoration and any structural, roofing, damp, kitchen, bathroom, external or development works identified.

Rental & Market Context

HB rental/value figures are indicative appraisal estimates and should be checked against current local letting and sold evidence.

Sold within approximately 5 miles

Check recent Land Registry transactions and closely matched local comparables for property type, size, tenure and condition.

Potential BRRR Position

Refinance potential depends on the completed condition, lender valuation, tenure and rental stress testing; development/commercial assets require specialist lender criteria.

Flip Analysis

Any resale margin must include SDLT, auction/legal fees, finance, holding costs, professional fees, contingency, selling costs and tax.

Investor Risks & Due Diligence

• Read the full legal pack and special conditions

• Verify tenure, occupancy, planning and title restrictions

• Inspect condition and obtain contractor quotations

• Confirm finance and insurance availability

• Verify rents and recent sold comparables

• Allow for buyer premium, administration charges and disbursements

Recommendation

Proceed only where verified total project cost supports the intended development strategy with adequate contingency.

Strategy Rating

Development: ★★★★☆ | Resale: ★★★★☆ | Buy-to-Let: ★★☆☆☆