Flat 6, 43 King Street, Great Yarmouth, Norfolk

Description

Vacant one bedroom first floor flat. This one bedroom first floor flat extends to around 25 sq/m. It was previously let at £600 pcm (£7,200 pa) and is now to be sold with vacant possession. The property is in good decorative order and has electric heating. The property is 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, the property would make an ideal addition to a rental portfolio, particularly given its manageable accommodation, and central location.

Accommodation

First floor: bedroom, living room, kitchenette, shower room, WC

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

The most recent supplied comparable is the same address, sold for £47,000 in March 2016. Other same-address sales range from £40,000 to £63,000, but all are historic and no current comparable evidence is supplied. A cautious base GDV of £47,000 is therefore used, with £42,000–£63,000 as an evidence-based historic scenario range rather than a current formal valuation.

Investment Snapshot

Strategy Recommendation

Potential low-cost BTL only if acquired well below the upper guide, the legal pack confirms acceptable lease and charges, and £600 pcm or better is independently validated. Avoid relying on the historic GDV for a BRRR or flip strategy.

Works Required

The flat is described as being in good decorative order. Allow for inspection, cleaning and any minor remedial items identified during inspection, but no refurbishment budget is supported by the evidence. Check the lease, listed-building requirements and condition of the electric heating and kitchenette.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the historic same-address comparable as a cautious £47,000 base GDV, 75% refinance is approximately £35,250. This is below the £40,000 guide midpoint before the known £2,160 buyer and admin charges and any works or other costs. The refinance case therefore appears weak unless acquisition is materially below the guide and the current value is substantially higher than the dated evidence suggests.

Buy-to-Let Analysis

At the previously stated rent of £600 pcm, gross rent is £7,200 pa and gross yield on the £40,000 midpoint of the guide is 18.0%, before finance, management, maintenance, utilities, insurance, service charges and voids. Supplied rental listings indicate £600–£689 pcm, but these are asking rents rather than achieved rents. The known buyer premium and admin charge total £2,160, while other legal-pack disbursements are unknown, so the all-in yield cannot be established.

Flip Analysis

A flip surplus cannot be reliably calculated because no supported works budget, selling allowance, current resale evidence or complete acquisition-cost schedule is supplied. The £47,000 base GDV is based on a 2016 same-address sale and should not be treated as a current resale valuation.

Investor Risks & Due Diligence

• Historic comparable evidence may not represent the current value of the flat.

• Rental listings are advertised asking rents and the prior £600 pcm rent may not be current or achievable.

• Buyer premium and admin charge total £2,160, with additional legal-pack disbursements potentially payable.

• Leasehold service charges, ground rent and other lease terms are not supplied.

• The building is Grade II listed, potentially restricting alterations or remedial works.

• Electric heating may affect running costs and tenant demand.

• The flat is only around 25 sq/m, which may limit tenant and resale demand.

Recommendation

Potential low-cost BTL only if acquired well below the upper guide, the legal pack confirms acceptable lease and charges, and £600 pcm or better is independently validated. Avoid relying on the historic GDV for a BRRR or flip strategy.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy, prior rent, guide and known charges are supplied, but the market comparables and all rental listings are historic or asking evidence. Works, service charges, legal-pack disbursements, current valuation and selling costs are not provided.