Flat 1, 43 King Street, Great Yarmouth, Norfolk NR30 2PN

Description

Vacant one bedroom ground floor flat extending to around 34 sq/m. The property was previously let at £550 pcm (£6,600 pa) and is now to be sold with vacant possession. It is in good decorative order and has electric heating. The property is located within a Grade II listed building in the town centre.

Accommodation

Ground floor: kitchen / sitting room, shower room, bedroom

Location

Located within a Grade II listed building in the town centre, conveniently positioned for the town centre and its wide range of shops, amenities and transport links.

Tenure / Property Information

Investment Analysis

Historical Land Registry evidence includes a same-address sale at £47,000 in March 2016, with older same-address sales between £40,000 and £63,000. The evidence is dated and does not establish a current formal valuation. A base GDV of £47,000 is used, with £40,000–£63,000 as an evidence-supported historical range. The £78,000 sale relates to 45A King Street and is not used in the range.

Investment Snapshot

Strategy Recommendation

Potentially suitable for a yield-led BTL or cautious BRRR at or below the guide midpoint, subject to legal-pack review and confirmation of achievable rent, service charges and ground rent. Avoid relying on the base refinance outcome without a current valuation.

Works Required

The flat is described as being in good decorative order, so no refurbishment allowance is included. Allow for inspection, cleaning and any minor repairs only if confirmed. Listed-building restrictions may affect any alterations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using a £35,000 guide midpoint, no refurbishment allowance and £2,160 of stated buyer/admin charges, the analysed total is £37,160. At the £47,000 base GDV, 75% refinancing equates to £35,250, leaving indicative cash of £1,910 before finance, tax and other costs. This is highly dependent on lender valuation, loan terms, lease/legal matters and the dated GDV evidence.

Buy-to-Let Analysis

The previous rent was £550 pcm (£6,600 pa), while a nearby one-bedroom advertised listing is £689 pcm; neither establishes a current achieved rent for this flat. Using the previous rent, gross yield is approximately 18.9% on the £35,000 guide midpoint and 17.8% including the stated £2,160 buyer premium and admin charge. Service charge, ground rent, insurance, finance, maintenance and other legal-pack costs are unknown, so net yield cannot be established.

Flip Analysis

At the base £47,000 GDV, the calculated surplus before selling costs, finance, tax and any additional legal-pack costs is £9,840 against the £37,160 analysed cost. No supported selling allowance is available, so a formal flip surplus after disposal costs cannot be calculated. The dated comparable evidence and listed-building status reduce certainty.

Investor Risks & Due Diligence

• Dated comparable evidence may not reflect current market value.

• The £689 pcm figure is an advertised asking rent, not an achieved rent for this flat.

• The £550 pcm rent is historical and the property is currently vacant.

• Unknown service charge, ground rent, insurance, maintenance and legal-pack disbursements.

• The property is within a Grade II listed building, potentially restricting alterations.

• Leasehold terms and remaining lease length appear substantial, but other lease obligations have not been supplied.

• Electric heating may affect tenant demand and operating costs, but no consumption data is available.

• Refinance at 75% of GDV is indicative only and is not guaranteed.

Recommendation

Potentially suitable for a yield-led BTL or cautious BRRR at or below the guide midpoint, subject to legal-pack review and confirmation of achievable rent, service charges and ground rent. Avoid relying on the base refinance outcome without a current valuation.

Strategy Rating

Analysis Confidence

The property description, prior rent, lease term, auction charges and several historical sales are available, but the sales evidence is dated, the rental evidence is partly advertised/previous rather than current achieved rent, and important costs and legal-pack disbursements are unknown.