71-73 Church Street, Cromer, Norfolk

Description

Prominent attached arts and crafts style commercial property built in 1928 in a prime town centre location. Shop number 69 is let to The Butchers Joint at £18,000 pa. Shop numbers 71-73 were previously let to Bargain World at £20,000 pa and are now vacant and in need of improvement. First-floor offices number 73a are vacant and in need of refurbishment, with access to a roof terrace. There is potential to convert the first floor into residential accommodation, subject to the necessary consents.

Accommodation

Ground floor: 69, let butchers shop; 71-73, vacant double-fronted shop with kitchen and store room and direct access to rear yard. First floor: 73a, landing, range of offices, kitchen and WC. Outside: rear yard with side access via Chapel Street. The let shop 69 has an area of 56.52 sq m and ratable value of £11,250; vacant shop 71-73 has an area of 68.1 sq m and ratable value of £22,500; vacant first-floor offices 73a have an area of 91.7 sq m and ratable value of £8,600, all effective from 1 April 2026.

Location

Prime town centre location in Cromer. The property is known as 71-73 on the official copy of the register of title and also comprises number 69, which is let to a butcher.

Tenure / Property Information

Tenure	Freehold
Occupancy	Part let; shop number 69 is let to The Butchers Joint, while shop numbers 71-73 and first-floor offices 73a are vacant
EPC	Current Rating C
Services	Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

The £275,000 guide is supported only as the auction guide, not as a formal market value. The property has stated passing rent of £18,000 pa from shop 69 and a previous rent of £20,000 pa for vacant shops 71-73. The first-floor offices have no rental evidence. The supplied Church Street sales are recorded as 'Other' and provide no sufficiently detailed area, use or income comparison to establish a reliable GDV.

Investment Snapshot

Guide Price	£275,000 (plus fees)
Estimated Monthly Rent	£1,500 – £3,167 pcm
Estimated Annual Rent	£18,000 pa
Gross Yield on Guide	6.5%

Strategy Recommendation

Consider only as a cautious mixed-use income and repositioning investment, subject to legal-pack review, verification of the £18,000 tenancy, inspection of vacant areas and independent advice on refurbishment and any residential conversion.

Works Required

Improve the vacant double-fronted shop and refurbish the vacant first-floor offices, based on the description. Any conversion of the offices to residential accommodation would require the necessary consents. No detailed schedule or cost evidence is supplied.

Rental & Market Context

HB Estimated Market Rent

£1,500 – £3,167 pcm

Harbord Road, Overstrand, NR27 3 bed semi-detached house to rent - (£346 pw) — 3 bed — £1,500 pcm — Advertised asking rent	£1,500 pcm
GE Properties | Flats to Rent in Cromer Norfolk — 3 bed — — Advertised asking rent	£875 pcm

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Heath House, 51a, Church Street, Cromer, North Norfolk, Nr27 9hh 2023-08-25 · Other · Freehold	£315,000
57 - 59, Church Street, Cromer, North Norfolk, Nr27 9hh 2023-03-31 · Other · Freehold	£1,900,000
54 - 56, Church Street, Cromer, North Norfolk, Nr27 9hh 2021-12-02 · Other · Freehold	£785,000
43, Church Street, Cromer, North Norfolk, Nr27 9hh 2019-06-14 · Other · Freehold	£660,000
48, Church Street, Cromer, North Norfolk, Nr27 9hh 2019-05-03 · Other · Freehold	£248,000

Potential BRRR Position

A BRRR strategy cannot be reliably underwritten because no refurbishment budget, residential GDV, planning position or refinance valuation is supplied. The existing income from shop 69 provides partial holding income, while the other commercial areas are vacant and require improvement or refurbishment.

Buy-to-Let Analysis

This is primarily a mixed-use commercial investment rather than a supported residential BTL. The secured passing rent is £18,000 pa, equivalent to £1,500 pcm, producing approximately 6.55% gross yield against the £275,000 guide before fees, works, finance and other costs. The former £20,000 pa rent for shops 71-73 is historical evidence only, and no rent is supplied for the offices, so a stabilised whole-property yield cannot be established.

Flip Analysis

A flip analysis cannot be completed reliably. No supported GDV or refurbishment cost is available, and the comparable sales lack sufficient detail to value this mixed-use asset. The guide, £1,200 administration charge and potentially additional disbursements are known, but selling costs and project costs are not.

Investor Risks & Due Diligence

• Shops 71-73 and first-floor offices are vacant.

• The vacant areas are stated to need improvement or refurbishment, but no cost allowance is supplied.

• The £20,000 pa rent for shops 71-73 is historical and may not be achievable currently.

• No rental evidence is supplied for the first-floor offices.

• Residential conversion of the offices is only potential and is subject to the necessary consents.

• Additional auction disbursements and other seller or legal charges may be payable.

• The supplied comparable sales are not sufficiently detailed or directly comparable to establish a reliable market value.

Recommendation

Consider only as a cautious mixed-use income and repositioning investment, subject to legal-pack review, verification of the £18,000 tenancy, inspection of vacant areas and independent advice on refurbishment and any residential conversion.

Strategy Rating

HB Rating

★★★☆☆

Analysis Confidence

Confidence

Low-Medium

The guide, tenure, accommodation, passing rent, historic rent and occupancy are supplied, but there is no detailed lease information, refurbishment cost, office rent, planning evidence, formal valuation or directly comparable mixed-use evidence.