5 St. Michael-At-Pleas, Norwich, Norfolk

Description

This three bedroom maisonette with accommodation over three floors extends to around 109 sq/m. The property is currently let on an assured periodic tenancy at £1,350 pcm (£16,200 pa), however the tenants have served notice and will vacate on 30th October 2026 and so it will be vacant on completion. 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.

Accommodation

Ground floor: Entrance hall, WC. First floor: Landing, lounge/diner, kitchen. Second floor: Landing, three bedrooms with one ensuite, balcony, bathroom. Outside: Communal gardens, five visitor parking spaces, end terrace garage with white door. Extends to around 109 sq/m.

Location

Prime location in the heart of the city centre.

Tenure / Property Information

Investment Analysis

The evidence is mixed. Three same-street leasehold maisonette sales were £145,000–£160,000, while a February 2026 sale was £120,000 and one 2023 sale was £395,000. The £395,000 transaction is a significant outlier and no size, condition or specification details are supplied for comparison. The £200,000 guide is therefore used as the base GDV scenario rather than a formal valuation. The property benefits from 109 sq m, three bedrooms, a garage, good decorative order and a long lease, but valuation confidence remains limited.

Investment Snapshot

Strategy Recommendation

Consider as a straightforward BTL only if the legal pack confirms acceptable leasehold costs and inspection supports the described condition. Re-underwrite using a rent below £1,350 pcm because the existing tenancy is ending. Do not pursue as a flip at the guide.

Works Required

No specific refurbishment works are identified. The property is described as being in good decorative order, with double glazing, gas central heating and EPC C. Allowance is therefore zero for this analysis, subject to inspection and legal-pack review; routine compliance, letting and maintenance costs are not included.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the £200,000 guide and no refurbishment allowance, known purchase costs produce a base total cost of £201,800. A 75% refinance against the £200,000 base GDV would provide £150,000, leaving approximately £51,800 of the purchase and known costs unrecovered before finance, tax and other costs. The strategy depends on achieving the stated or comparable rent and a supported refinance valuation.

Buy-to-Let Analysis

At the stated current rent of £1,350 pcm, annual rent is £16,200 and the gross yield is 8.10% on the £200,000 guide, or 8.03% including the £600 buyer premium and £1,200 admin charge. Rental evidence ranges from £975 pcm to £1,350 pcm for the most relevant three-bedroom evidence, implying approximately 5.85%–8.10% gross yield at the guide. The tenancy is ending on 30 October 2026, so the current rent is not a guaranteed passing rent on completion. Service charges, council tax and other operating costs are not supplied.

Flip Analysis

At the £200,000 guide, base total cost is £201,800 before selling costs, finance and tax. On the base GDV of £200,000 there is no identified surplus before those additional costs. The wide comparable range, including the £395,000 outlier, makes resale value uncertain. A flip is not supported by the supplied evidence.

Investor Risks & Due Diligence

• The existing assured periodic tenancy is ending and the property will be vacant on completion, so the current £1,350 pcm rent is not guaranteed.

• Rental listings are asking rents rather than achieved rents; the supplied rental evidence is inconsistent.

• Same-street completed sale prices vary widely from £120,000 to £395,000, with insufficient detail to reconcile the differences.

• The guide-level analysis leaves approximately £51,800 unrecovered after a 75% refinance at the base GDV, before finance, tax and other costs.

• Leasehold service charges, ground rent and other leasehold liabilities are not supplied.

• Council tax and potential legal-pack disbursements or purchaser costs are not supplied.

• No refurbishment cost evidence is supplied; the zero allowance is not a contractor quotation.

Recommendation

Consider as a straightforward BTL only if the legal pack confirms acceptable leasehold costs and inspection supports the described condition. Re-underwrite using a rent below £1,350 pcm because the existing tenancy is ending. Do not pursue as a flip at the guide.

Strategy Rating

Analysis Confidence

The property description, current rent, lease term, fees, rental adverts and several same-street completed sales are supplied. However, comparable sale details are limited, values vary materially, the £395,000 sale is unexplained, and service charge, council tax, disbursements and achieved vacant-market rent are unavailable.