Gothic House, Flats 1 & 2, 12 Old Market Street, Thetford, Norfolk

Description

Rare Grade II Listed property with two self-contained apartments, gardens and parking - one vacant and one tenanted currently producing £7,896 pa. A rare opportunity to acquire a handsome detached Grade II Listed brick and flint property comprising two self-contained two-bedroom apartments. Each apartment has its own private entrance, sitting room, kitchen, bathroom, garden and off-road parking. The ground floor apartment is sold with a tenant in situ producing £658 pcm, providing an immediate rental opportunity. The first-floor apartment is vacant and ready for occupation or letting. An attractive and versatile investment opportunity combining character, gardens, parking and two separate residential units.

Accommodation

Ground Floor Apartment: Entrance hall, sitting room, kitchen, two bedrooms, bathroom. First Floor Apartment: Entrance hall, sitting room, dining room, two bedrooms, study area, kitchen, bathroom.

Location

Gothic House is positioned close to the centre of the historic market town of Thetford, between Thetford Castle Mound and Nunns Bridges.

Tenure / Property Information

Investment Analysis

Two same-street freehold flat sales completed in April 2025 at £250,000 each provide the strongest evidence, indicating an aggregated two-unit value around £500,000. The older 2017 sale at £120,000 indicates material market and comparability uncertainty. The £500,000 figure is an evidence-based HB estimate, not a formal valuation; the sales may not match Gothic House in condition, size, listing constraints or configuration.

Investment Snapshot

Strategy Recommendation

Investigate as a potential two-unit freehold hold or BRRR opportunity, subject to confirming the legal pack, tenancy, vacant-unit condition, achievable rent and valuation. Do not rely on the £500,000 GDV without an independent valuation and full inspection.

Works Required

No specific refurbishment works are evidenced. The vacant apartment is described as ready for occupation or letting. Allowance excludes any latent defects, compliance work or Grade II Listed consent requirements that may be identified through inspection and the legal pack.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £200,000 guide, adding the £1,200 buyer premium and £1,200 admin charge gives a known base cost of £202,400 before any works, finance, tax or other disbursements. At the £500,000 base GDV, 75% refinancing equates to £375,000, producing an indicative £172,600 surplus over this base cost. This is only an arithmetic illustration; actual refinance depends on valuation, lender criteria, rent, legal title and the property's Grade II Listed status.

Buy-to-Let Analysis

The occupied apartment produces stated rent of £7,896 per annum (£658 pcm). The supplied £658 pcm rental listing is asking-rent evidence and does not establish rent for the vacant apartment, so whole-property rent and yield cannot be established. On the known rent only, gross yield is approximately 3.95% against the guide and 3.90% against the guide plus the £2,400 known buyer and admin charges. These figures exclude finance, tax, maintenance, insurance, voids and other costs.

Flip Analysis

Using the two April 2025 same-street sales as an aggregated base GDV indication gives £500,000 against a guide purchase cost of £200,000 and known charges of £2,400. No refurbishment requirement, selling-cost allowance or formal valuation is supplied, so a reliable flip surplus and maximum bid cannot be established. Disbursements and other charges may also be payable under the legal pack.

Investor Risks & Due Diligence

• The two 2025 sales may not be directly comparable in size, condition, layout or Grade II Listed constraints.

• Only one apartment has stated rent; rent for the vacant apartment is unsupported.

• The £658 pcm rental evidence is an advertised asking rent, not achieved rent.

• The condition and any refurbishment or compliance requirements are not evidenced.

• Grade II Listed status may constrain alterations and increase approval or repair complexity.

• Additional disbursements, searches, seller-cost reimbursements, legal fees or transfer fees may apply under the legal pack.

• A 75% refinance assumption is illustrative and is not a lending commitment.

Recommendation

Investigate as a potential two-unit freehold hold or BRRR opportunity, subject to confirming the legal pack, tenancy, vacant-unit condition, achievable rent and valuation. Do not rely on the £500,000 GDV without an independent valuation and full inspection.

Strategy Rating

Analysis Confidence

The evidence includes two recent same-street sales, stated existing rent, tenure, occupancy and known auction charges, but lacks detailed comparable specifications, vacant-unit rent, condition, refurbishment costs, legal-pack disbursements, selling costs and finance assumptions.