Flat 5, 43 King Street, Great Yarmouth, Norfolk NR30 2PN

Description

An excellent investment opportunity comprising a well presented one bedroom maisonette arranged over two floors and forming part of this impressive Grade II listed period building in the heart of Great Yarmouth. The accommodation is in good order throughout, benefits from secondary double glazing and includes an attractive open plan living room/kitchen together with a generous double bedroom benefiting from its own en-suite shower room. Outside there is a communal garden/patio area.

Accommodation

Approached from the rear. Shared entrance hall and staircase to second floor landing. Private door to hall, living room, kitchen. Stairs to second floor bedroom and ensuite shower room.

Location

Conveniently positioned for the town centre and its wide range of shops, amenities and transport links.

Tenure / Property Information

Investment Analysis

The most relevant evidence is the same-address leasehold sale at £47,000 in March 2016, with earlier same-address sales between £40,000 and £63,000. The £40,000–£50,000 auction guide is broadly consistent with this evidence, although the comparable sales are historic and no current formal valuation is supplied. A base GDV of £47,000 is therefore used, with £40,000–£50,000 as a cautious evidence-based range.

Investment Snapshot

Strategy Recommendation

Potential cash-flow BTL only if the legal pack confirms acceptable lease terms and ongoing charges, and rent near the supplied evidence is achievable. Bid conservatively; avoid a flip or BRRR strategy at the guide midpoint without stronger current valuation evidence.

Works Required

The maisonette is described as well presented and in good order, so no specific refurbishment works are evidenced. Allow for inspection and any minor repairs identified, but no cost allowance is included. Grade II listed status and leasehold legal documentation require review.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £45,000 analysis purchase figure, known buyer premium and admin charges produce a base cost of £46,800 before any legal-pack disbursements or finance costs. A 75% refinance against the £47,000 base GDV is £35,250, leaving approximately £11,550 unrecovered before finance and tax. The strategy is therefore dependent on stronger valuation or lower acquisition pricing.

Buy-to-Let Analysis

Using the midpoint advertised/estimated rent of £612.50 pcm gives £7,350 annual rent. This equates to approximately 16.33% gross yield on the £45,000 guide midpoint, or 15.71% on the £46,800 purchase-plus-known-fees figure. Actual net yield cannot be established because service charge, ground rent, insurance, maintenance, management, finance and disbursements are not supplied.

Flip Analysis

A £47,000 base GDV provides only £200 of headroom over the £46,800 purchase-plus-known-fees cost before selling costs, finance, tax or any works. No supported selling-cost allowance is available, so a reliable flip surplus cannot be calculated. Historic comparables also reduce confidence in the current resale value.

Maximum Bid Indicator

This is an HB screening estimate based on the supplied evidence and HB assumptions. It is not a formal valuation or instruction to bid.

Investor Risks & Due Diligence

• Historic rather than current comparable sales create uncertainty over the present market value.

• Rental figures are advertised asking rents or an auctioneer estimate, not achieved passing rent.

• Service charge, ground rent, insurance and other leasehold costs are not supplied.

• Legal-pack disbursements and other purchaser costs may be payable in addition to the stated fees.

• EPC rating, heating details and parking information are not supplied.

• The building is Grade II listed, which may constrain alterations if works are later required.

• Leasehold legal terms beyond the stated 999-year term should be verified.

Recommendation

Potential cash-flow BTL only if the legal pack confirms acceptable lease terms and ongoing charges, and rent near the supplied evidence is achievable. Bid conservatively; avoid a flip or BRRR strategy at the guide midpoint without stronger current valuation evidence.

Strategy Rating

Analysis Confidence

The property description, lease length, auction fees, historic same-address sales and rental indications are supplied, but current valuation evidence, EPC, service charge, ground rent, disbursements, finance costs and achieved rents are unavailable.