Kon-Tiki, Beach Road, Hemsby, Great Yarmouth, Norfolk

Description

Detached non-standard bungalow on leasehold with opportunity to buy freehold, situated in the heart of the thriving seaside resort of Hemsby. The property is tucked away at the end of a shared drive and has been improved, including a modern kitchen and bathroom and insulation.

Accommodation

Entrance porch, sitting room, kitchen/diner, snug/3rd bedroom, shower room, inner hall/study area and two double bedrooms.

Location

Situated in the heart of the thriving seaside resort of Hemsby.

Tenure / Property Information

Investment Analysis

No reliable market value can be established from the supplied evidence. The only directly relevant sale is a leasehold chalet at Hemsby sold for £38,000 in November 2023, but its comparability to this detached non-standard bungalow is unconfirmed. The other comparable is a 2000 commercial sale and is not relevant. No auction guide price, valuation, condition survey, lease terms, or freehold purchase price is supplied.

Strategy Recommendation

Do not submit a priced bid on the supplied evidence alone. Obtain and review the legal pack, lease and freehold terms, confirm insurability and mortgageability of the non-standard construction, commission a condition/valuation assessment, and obtain local rental evidence before considering purchase.

Works Required

No specific refurbishment scope or cost can be supported. The property is described as having an improved modern kitchen, modern bathroom and insulation. Further investigation should focus on the non-standard construction, EPC F rating, building condition, heating provision, and leasehold/freehold position before pricing works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be assessed reliably because GDV, purchase price, works cost, rent and refinance assumptions are unavailable. The non-standard construction, EPC F rating, leasehold tenure and £1,160 annual ground rent require lender and legal review. The possible freehold purchase is mentioned but not priced.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence, auctioneer rent estimate, guide price, or refurbishment budget is supplied. The £1,160 annual ground rent would also need to be incorporated into net cash-flow analysis, alongside unknown management, maintenance, finance and other costs.

Flip Analysis

A flip appraisal cannot be established. There is no guide price, supported GDV, defined works scope, works budget, resale evidence sufficiently comparable to the property, or supported selling-cost allowance.

Investor Risks & Due Diligence

• Non-standard construction may affect mortgageability, insurance and resaleability.

• EPC rating F may require improvement and could affect letting or financing considerations.

• Annual leasehold ground rent of £1,160 reduces investment cash flow.

• Lease terms, remaining term, service charges and other liabilities are not supplied.

• The possible freehold purchase price and terms are unknown.

• Buyer premium, administration charge and possible legal-pack disbursements add to acquisition costs.

• No sufficiently specific rental evidence is available.

• The supplied comparable evidence does not establish a reliable market value.

Recommendation

Do not submit a priced bid on the supplied evidence alone. Obtain and review the legal pack, lease and freehold terms, confirm insurability and mortgageability of the non-standard construction, commission a condition/valuation assessment, and obtain local rental evidence before considering purchase.

Strategy Rating

Analysis Confidence

Key inputs are missing, including guide price, rental evidence, condition and works budget, lease details, freehold price, valuation evidence and finance assumptions. The available sold comparables are either weakly comparable or irrelevant.