Ground Floor Flat, 31, High Street, DEREHAM, Norfolk, NR20 5RT

Description

Leasehold ground floor flat

Accommodation

One bedroom, reception room, kitchen, bathroom/wc

Location

The property is located on High Street. Foulsham provides village amenities with a further range of shops, bars and restaurants found in Dereham Town Centre lying to the south and in Norwich City Centre located to the south east. Public transport links are provided by local bus services serving the surrounding areas. The property is served by road links including the A1067 lying to the west. Recreational pursuits are available throughout the surrounding countryside.

Tenure / Property Information

Investment Analysis

Evidence indicates a broad value range. The subject property sold for £73,500 in 2013, while two 2024 leasehold flat sales at the same High Street address were £100,000 and £110,000. A provisional base GDV of £100,000 is used, but the comparables may not be identical flats and lease terms are unknown. The £52,000 guide appears attractively positioned against this evidence, subject to lease, condition and completion-cost due diligence.

Investment Snapshot

Strategy Recommendation

Potentially suitable for buy-to-let or BRRR at guide level, subject to satisfactory lease terms, charges, condition and confirmation that the £650 pcm rent is achievable. Do not rely on the refinance case until lease and lender due diligence is complete.

Works Required

No physical defects or refurbishment requirements are evidenced, so no works allowance is included. Confirm condition, lease length, service charge, ground rent and any required statutory or EPC-related works before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £100,000 base GDV, 75% refinancing would be approximately £75,000. Against the £53,800 guide-plus-known-admin-cost basis, this indicates a theoretical £21,200 surplus of refinance proceeds before finance, tax, legal, valuation, lender and unknown seller or lease costs. Actual refinanceability depends materially on lease length, charges, valuation and lender criteria.

Buy-to-Let Analysis

At the £52,000 guide, the single advertised one-bedroom rent of £650 pcm equates to £7,800 annually and a 15.0% gross yield before service charge, ground rent, maintenance, voids, management, finance and tax. The rent is an asking rent rather than achieved rent, and lease costs are currently unknown, so net yield cannot be established.

Flip Analysis

A provisional £100,000 base GDV compares favourably with the £52,000 guide and £1,800 administration charge. However, no refurbishment allowance, selling costs, finance costs or applicable seller fees are evidenced, and the lease position is incomplete. A reliable flip surplus therefore cannot be calculated.

Investor Risks & Due Diligence

• Lease length, annual ground rent, review provisions and service charge are awaited.

• The seller may charge additional completion fees, but no amounts are supplied.

• The £650 pcm figure is an advertised asking rent, not an achieved or passing rent.

• The 2024 sales are at the same address but may not be identical flats; the subject's latest supplied sale is from 2013.

• No condition, parking or heating information is supplied, and no refurbishment allowance can be verified.

• EPC rating E may affect letting, lender or future improvement considerations.

Recommendation

Potentially suitable for buy-to-let or BRRR at guide level, subject to satisfactory lease terms, charges, condition and confirmation that the £650 pcm rent is achievable. Do not rely on the refinance case until lease and lender due diligence is complete.

Strategy Rating

Analysis Confidence

There is useful same-address sales evidence and one rental asking listing, but the lease term, service charge, ground rent, condition, exact comparable identity and potential seller fees remain unknown.