6 Southtown Road, Great Yarmouth, Norfolk

Description

Vacant freehold building in a high profile location with development potential. A vacant mixed use property formerly a bar with living accommodation over located within an established residential and commercial area to the south of Great Yarmouth town centre. The property is currently in very poor condition and requires extensive refurbishment and modernisation throughout, making it unsuitable for immediate occupation. It therefore offers an excellent opportunity for a builder, developer or investor looking for a project with scope to add value. The property may also offer potential for alteration, conversion or redevelopment, although prospective purchasers should make their own enquiries with the Local Planning Authority regarding any proposed scheme. The property is offered for sale with vacant possession and is likely to appeal to those seeking a refurbishment project in an established location.

Accommodation

Ground Floor: Former bar/retail area. First Floor: Landing, kitchen, bathroom, bedroom, sitting room. Second Floor: Landing, two bedrooms.

Location

Located within an established residential and commercial area to the south of Great Yarmouth town centre, in a high profile location.

Tenure / Property Information

Investment Analysis

The supplied sold comparables on Southtown Road range from £50,000 to £180,000, with the more recent terraced sales at £70,000 and £110,000. However, the subject is a vacant mixed-use former bar with living accommodation, is described as being in very poor condition, and may require alteration, conversion or redevelopment. The comparables do not establish a reliable GDV for this mixed-use property, particularly without measured floor areas, planning information, condition costs or a specific end-use scheme. The £20,000–£40,000 guide is therefore not sufficient to determine market value or a maximum bid.

Investment Snapshot

Strategy Recommendation

Proceed only after inspection, legal-pack review, planning enquiries and a fully costed refurbishment or conversion scheme. The available evidence does not support a reliable bid, BTL, BRRR or flip appraisal.

Works Required

Extensive refurbishment and modernisation throughout, based on the stated very poor condition. Works may include bringing the former bar/retail area and the upper-floor kitchen, bathroom and accommodation into usable condition, subject to inspection. Any alteration, conversion or redevelopment would require purchaser enquiries with the Local Planning Authority.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be quantified because refurbishment costs, supported rent and a reliable post-works GDV are unavailable. Refinance assumptions would also depend on the final lawful use and completed condition.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is supplied. The property is also stated to be unsuitable for immediate occupation and requires extensive refurbishment.

Flip Analysis

A flip appraisal cannot be quantified. Nearby sales provide context only and are not sufficiently comparable to support a post-works GDV for this vacant, very poor-condition mixed-use building. No supported works budget or selling allowance is supplied.

Investor Risks & Due Diligence

• Very poor condition and stated extensive refurbishment requirement

• No supported refurbishment cost estimate

• No sufficiently specific rental evidence or passing rent

• Potential alteration, conversion or redevelopment requires Local Planning Authority enquiries

• Mixed-use former bar configuration may not be directly comparable with the supplied residential sales

• Vacant property is unsuitable for immediate occupation

• Buyer premium and admin charge total £1,920 inc VAT, with possible additional disbursements and special-condition costs

Recommendation

Proceed only after inspection, legal-pack review, planning enquiries and a fully costed refurbishment or conversion scheme. The available evidence does not support a reliable bid, BTL, BRRR or flip appraisal.

Strategy Rating

Analysis Confidence

Recent local sold evidence is available, but it relates to terraced freehold properties rather than a clearly comparable mixed-use former bar. There is no measured area, planning position, condition survey, refurbishment budget or rental evidence.