Flat 2, 7 Church Street, Cromer, Norfolk, NR27 9ER

Description

First floor one bedroom apartment located within the sought-after North Norfolk Victorian Coastal resort of Cromer. The accommodation comprises of kitchen, lounge/diner, bathroom, bedroom, there is off road parking to the rear and would make an ideal holiday investment or buy to let. Situated within the heart of Cromer town centre the property is in an ideal location to be let out to provide holiday accommodation or long term let. The town boasts an array of high street shops, banks, leisure and tourist attractions alongside the famous sandy beach and pier. Major trunk roads give access to other popular North Norfolk towns which include Holt, Burnham Market, Hunstanton and of course the cathedral city of Norwich.

Accommodation

Ground floor: Entrance Hall, stairs to first floor. First floor: Landing, access to flat, entrance hall, lounge, kitchen, bedroom, bathroom. Exterior: Parking to the rear.

Location

Situated within the sought-after North Norfolk Victorian Coastal resort of Cromer, in the heart of Cromer town centre, close to high street shops, banks, leisure and tourist attractions, the famous sandy beach and pier.

Tenure / Property Information

Investment Analysis

The evidence gives a wide value range. A 2024 leasehold flat sale at Kentford House on the same street was £98,000, while a 2022 sale recorded at 7 Church Street was £167,500. These are not confirmed to be the same flat, and the lease lengths, condition and specification are unknown. A cautious indicative base GDV of £120,000 is used, with £98,000 low and £167,500 high scenarios. The £90,000 guide appears attractive against the available sales evidence, but lease and property-cost information is incomplete.

Investment Snapshot

Strategy Recommendation

Potential long-term BTL subject to satisfactory lease, service-charge, ground-rent, condition and legal due diligence. Do not rely on the holiday-let proposition or refinance case until the lease and operating costs are confirmed.

Works Required

No specific repair or refurbishment works are evidenced. Verify condition, heating, kitchen, bathroom, common parts, parking arrangements and any required works before bidding. No refurbishment allowance is included in the calculations.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £90,000 guide, the known acquisition cost is £91,800 including the £1,800 administration charge, excluding unknown seller fees, finance, tax and works. At the indicative £120,000 GDV, 75% refinancing would be £90,000, leaving approximately £1,800 of the known acquisition cost unrecovered before works and finance costs. The result is highly sensitive to the unverified GDV and lease terms.

Buy-to-Let Analysis

Using the lowest supplied advertised long-term rent of £795 pcm gives annual rent of £9,540 and a gross yield of 10.60% on the £90,000 guide, or 10.39% on the £91,800 purchase-plus-known-cost figure. The £950 pcm evidence would imply a higher yield, but these are advertised asking rents rather than achieved rents. Service charge, ground rent, lease length and any seller fees are unknown, so net yield and affordability cannot be established.

Flip Analysis

A base GDV of £120,000 indicates a gross value uplift over the £90,000 guide, but no supported refurbishment budget, selling-cost allowance or confirmed lease details are available. A reliable net flip surplus therefore cannot be calculated. The £98,000 comparable also shows limited headroom before selling and ownership costs.

Investor Risks & Due Diligence

• Lease length is not supplied and must be confirmed before bidding.

• Annual service charge and ground rent are unknown, preventing a net-yield assessment.

• The seller may charge additional completion fees under the special conditions, but the amount is unknown.

• The available rents are advertised asking rents, not achieved rents.

• No condition, heating or refurbishment information is supplied.

• Sold comparables vary materially and are not confirmed to match the subject flat in size, condition or lease terms.

• The holiday-investment proposition is not supported by supplied holiday-letting income evidence.

Recommendation

Potential long-term BTL subject to satisfactory lease, service-charge, ground-rent, condition and legal due diligence. Do not rely on the holiday-let proposition or refinance case until the lease and operating costs are confirmed.

Strategy Rating

Analysis Confidence

There are several relevant sold comparables and advertised rents, but the comparables are not confirmed to be the same unit and key lease, service-charge, ground-rent, heating, condition and seller-fee information is missing.