9 Lath Mansion, 15 Nelson Street, King's Lynn, Norfolk

Description

A Grade II * listed two bedroom second floor apartment situated in a Georgian building close to the Town Centre. This Grade II * listed two bedroom apartment is situated in a Georgian building on the second floor and close to the Town Centre with vacant possession. The property is accessed via a grand communal staircase from the spacious main hall up to the first floor and further staircase to the second floor. Briefly comprising entrance hall, drawing room, kitchen, two bedrooms and bathroom. Outside, there is a communal walled garden and residents' parking via narrow access are opposite.

Accommodation

Entrance hall, drawing room, kitchen, two bedrooms and bathroom

Location

Nelson Street is situated in the historic part of King's Lynn and within walking distance of the High Street and the river front.

Tenure / Property Information

Tenure	Leasehold
Lease	Term: 115 years from 18 December 1998 (88 years remaining); Service charge: £2,156pa; Ground Rent: £50pa
Occupancy	Vacant
EPC	Current Rating D
Council Tax	Band B
Parking	Residents' parking via narrow access are opposite
Services	Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

Indicative GDV is based on the supplied sold evidence only. The strongest directly relevant evidence is £117,000 and £137,000 sales at Lath Mansion, while the £265,000 sale is materially higher and may reflect different accommodation or specification. Nearby supplied flat sales were £68,000 and £90,000. A cautious HB range of £90,000–£137,000 is therefore used, with £117,000 as the base estimate. This is not a formal valuation and no floor area, internal condition or specification comparison is supplied.

Investment Snapshot

Guide Price	£70,000 - £80,000 (plus fees)
HB Estimated GDV	£117,000

Strategy Recommendation

Proceed only at a disciplined price after reviewing the legal pack and confirming condition, lease restrictions, service-charge history and comparable specification. Do not rely on BTL or BRRR until rent and total costs are verified; the evidence currently supports cautious owner-occupier or value-led bidding rather than a fully underwritten investment purchase.

Works Required

No specific repair or refurbishment works are evidenced, so no works allowance is included. Confirm condition, the legal pack, listed-building restrictions, lease terms and responsibility for communal areas before bidding.

Rental & Market Context

No sufficiently specific external rental comparable identified.

Sold Comparables

The following completed sales were identified within approximately 5 miles:

36, Nelson Street, King'S Lynn, King'S Lynn And West Norfolk, Pe30 5dy 2023-12-01 · Flat/Maisonette · Leasehold	£68,000
Lath Mansion 15, Nelson Street, King'S Lynn, King'S Lynn And West Norfolk, Pe30 5dy 2023-10-06 · Flat/Maisonette · Leasehold	£265,000
1, Nelson Street, King'S Lynn, King'S Lynn And West Norfolk, Pe30 5dy 2021-11-02 · Flat/Maisonette · Leasehold	£90,000
Lath Mansion 15, Nelson Street, King'S Lynn, King'S Lynn And West Norfolk, Pe30 5dy 2021-01-27 · Flat/Maisonette · Leasehold	£137,000
Lath Mansion 15, Nelson Street, King'S Lynn, King'S Lynn And West Norfolk, Pe30 5dy 2018-09-06 · Flat/Maisonette · Leasehold	£117,000

Potential BRRR Position

Base GDV	£117,000
75% Refinance	£87,750

Using the indicative £117,000 base GDV, 75% refinance is approximately £87,750. Total project cost cannot be calculated because condition, works and any legal-pack disbursements are unknown. The refinance outcome is therefore unverified and would also depend on lender acceptance of the Grade II* listed leasehold property and the remaining lease term.

Buy-to-Let Analysis

BTL suitability cannot be quantified because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The £2,156 annual service charge and £50 ground rent would reduce net income, and the lease has approximately 88 years remaining. Obtain an achievable rent and confirm any letting or lease restrictions before relying on this strategy.

Flip Analysis

A flip cannot be reliably underwritten because refurbishment costs, selling costs and condition are not evidenced. The supplied comparable range indicates potential value above the guide, but the wide spread, including a £265,000 Lath Mansion sale, makes the resale assumption uncertain.

Investor Risks & Due Diligence

• Approximately 88 years remain on the lease, which may affect mortgageability and resale.

• Annual service charge is £2,156, in addition to the £50 ground rent.

• Grade II* listed status may constrain alterations and increase due-diligence requirements.

• No sufficiently specific rental evidence is available, so rental yield cannot be established.

• Auction buyer and administration charges total £2,400, before any legal-pack disbursements or other special-condition costs.

• Supplied comparable prices range widely from £68,000 to £265,000, creating material valuation uncertainty.

• Residents' parking is accessed via a narrow access, which may affect usability.

• The property is vacant, but its internal condition and heating arrangements are not evidenced.

Recommendation

Proceed only at a disciplined price after reviewing the legal pack and confirming condition, lease restrictions, service-charge history and comparable specification. Do not rely on BTL or BRRR until rent and total costs are verified; the evidence currently supports cautious owner-occupier or value-led bidding rather than a fully underwritten investment purchase.

Strategy Rating

HB Rating

★★☆☆☆

Analysis Confidence

Confidence

Low-Medium

There is useful same-building sold evidence and clear tenure/occupancy information, but no floor area, condition assessment, rental evidence, works cost, selling allowance or complete legal-pack disbursement information. The comparable prices are also widely dispersed.