Flat 3, 59 Norwich Road, Ipswich, Suffolk

Description

Upon Instruction of Countrywide. Leasehold flat with two bedrooms, reception room, kitchen and bathroom/WC.

Accommodation

Two bedrooms, reception room, kitchen, bathroom/WC

Location

Located on Norwich Road (A1156). Shopping amenities are available locally within Ipswich Town Centre to the south. Public transport links are available at Ipswich Train Station and via local bus services. Road links include the A1156 and A14 to the west. Recreational pursuits are available at Christchurch Park to the east.

Tenure / Property Information

Investment Analysis

The supplied completed sales at 59 Norwich Road range from £65,000 to £130,000, including £117,500 in January 2025. However, the evidence does not identify the comparable flat numbers, bedroom counts, condition or transaction circumstances. A base GDV of £117,500 is therefore used, with £70,000 as a low scenario and £130,000 as a high scenario. These are indicative evidence-based scenarios, not formal valuations.

Investment Snapshot

Strategy Recommendation

Potentially attractive at the guide on the supplied comparable evidence, but proceed only after confirming the flat-specific valuation, condition, service charge, ground rent, lease documents and all completion fees. The advertised rent evidence is not directly comparable to a flat.

Works Required

No condition defects or required works are stated. No refurbishment allowance is included in the calculations. Confirm condition, heating, parking, lease terms, service charge and ground rent before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the guide price, the purchase plus the known £1,800 documentation fee totals £56,800 before any works or other charges. Using the £117,500 base GDV, a 75% refinance would be approximately £88,125, implying indicative cash released of £31,325 before finance, tax and unconfirmed costs. The result is highly dependent on the comparable sales being applicable to this specific flat and on lender acceptance of the valuation and lease.

Buy-to-Let Analysis

The £944 pcm figure is an advertised asking rent for two-bedroom houses on Norwich Road, not an achieved rent or a directly comparable flat rental. It provides only a broad indicative proxy. At the £55,000 guide, the gross yield is approximately 20.6%, or 19.9% including the known £1,800 contract documentation fee. Service charge, ground rent, seller fees and other ownership costs are unknown, so net yield cannot be established.

Flip Analysis

Using the base GDV of £117,500 and known acquisition cost of £56,800, the indicative pre-sale-cost margin is £60,700 before finance, tax, refurbishment, selling costs and any seller fees. No supported refurbishment or selling-cost allowance is available, so a formal flip surplus cannot be calculated.

Investor Risks & Due Diligence

• Comparable sales are not identified by flat number, bedroom count, condition or transaction circumstances.

• The £944 pcm rental evidence is for advertised two-bedroom houses rather than this leasehold flat and is not an achieved rent.

• Ground rent, service charge and other lease details are unconfirmed.

• Seller-imposed completion fees may apply and are not quantified.

• Property condition, heating and parking arrangements are unconfirmed.

• No refurbishment or selling-cost allowance is supported by the evidence.

Recommendation

Potentially attractive at the guide on the supplied comparable evidence, but proceed only after confirming the flat-specific valuation, condition, service charge, ground rent, lease documents and all completion fees. The advertised rent evidence is not directly comparable to a flat.

Strategy Rating

Analysis Confidence

There are several completed sales at the same street address and one rental asking figure, but the sales are not identified by flat, the rental evidence concerns houses rather than flats, and key lease, service-charge, ground-rent, condition and fee information is missing.