63 Greyfriars Road, Norwich, Norfolk

Description

Well presented first floor purpose built two bedroom flat with allocated parking space. It extends to around 50 sq/m, is double glazed, has electric heating and benefits from an allocated underground parking space. It was previously let at £1,150 pcm (£13,800 pa), and is now to be sold with vacant possession.

Accommodation

Entrance hall, open plan kitchen / lounge, two bedrooms, bathroom.

Location

Located in the city centre.

Tenure / Property Information

Investment Analysis

Recent same-road completed sales were £90,000 and £95,000 in July/August 2026. Older same-road evidence ranges from £125,000 to £183,000, with a £133,500 sale in May 2025. The most recent evidence supports a base GDV of £95,000, with a conservative low case of £90,000 and a higher historic evidence case of £133,500. The analysis purchase figure is the £90,000 midpoint of the guide range, before unspecified buyer premium and other disbursements.

Investment Snapshot

Strategy Recommendation

Potential BTL only if the legal pack confirms acceptable lease, service-charge and fee terms. Bid conservatively and do not rely on the historic higher comparables or the gross yield without accounting for the £3,200 annual service charge and all auction costs.

Works Required

No refurbishment works are evidenced; the flat is described as well presented. Allowance cannot be quantified without inspection or further evidence. Verify condition, lease terms, service-charge position and legal-pack requirements before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £90,000 guide midpoint, the known £1,200 admin charge would take acquisition to at least £91,200 before buyer premium, works, finance, tax and other disbursements. A 75% refinance against the £95,000 base GDV is approximately £71,250. Cash left in cannot be calculated reliably because refurbishment, buyer premium, finance, tax and other acquisition costs are unspecified. The high service charge materially affects the refinance and cash-flow case.

Buy-to-Let Analysis

The previous rent of £1,150 pcm implies £13,800 pa. This equates to approximately 14.5% gross yield at the £95,000 top of the guide and 16.2% at the £85,000 bottom, before the £3,200 annual service charge, £270 ground rent, buyer premium, admin charge and other costs. The £1,082 pcm rental listing provides a lower asking-rent reference, but advertised rents are not achieved rents. Net yield cannot be established from the supplied evidence.

Flip Analysis

The base GDV is £95,000 against recent same-road sales of £90,000 and £95,000. A flip surplus cannot be quantified because refurbishment costs, buyer premium, selling costs, finance, tax and other disbursements are not supplied. The limited spread over the £90,000 midpoint guide leaves little evidenced margin before those costs.

Investor Risks & Due Diligence

• Annual service charge of £3,200 substantially reduces net rental income.

• Buyer premium amount is unspecified and additional legal-pack disbursements or seller-cost reimbursements may apply.

• The prior £1,150 pcm rent is historical property evidence rather than a guaranteed current passing rent.

• Rental listings are advertised asking rents and may not be achieved.

• Same-road completed sale prices vary materially, creating GDV uncertainty.

• Lease, ground-rent review provisions and service-charge review provisions require legal-pack verification.

• Refurbishment and compliance costs cannot be quantified from the supplied description.

Recommendation

Potential BTL only if the legal pack confirms acceptable lease, service-charge and fee terms. Bid conservatively and do not rely on the historic higher comparables or the gross yield without accounting for the £3,200 annual service charge and all auction costs.

Strategy Rating

Analysis Confidence

Recent same-road sales, prior rent, tenure, lease length and service charge are supplied, but buyer premium, disbursements, refurbishment costs, selling costs, finance terms and current achieved rent are unavailable. Comparable prices also vary substantially.