Land on the north side of Dereham Road, Costessey

Description

A freehold area of land totalling approximately 62.2 acres. The land comprises woodland, low lying ground and a former landfill site. The site benefits from logistical development potential subject to the requisite consents.

Accommodation

NK104395 – former land fill site, which has been reinstated (35 acres); NK120072 - woodland and low lying ground next to the retail park (19.34 acres); NK175700 – woodland and low lying ground next to the retail park (7.68 acres).

Location

The land is situated on the north side of Dereham Road in Costessey, a popular and well-established suburb on the western edge of Norwich. The location benefits from a wide range of nearby amenities, including the Longwater Retail Park, home to retailers such as Sainsbury's, Marks & Spencer and Next, whilst Norwich city centre is easily accessible. Costessey is regarded as a sought-after residential area, combining suburban convenience with access to surrounding countryside. Dereham Road provides direct access to Norwich city centre and the wider road network. The nearby A47 offers convenient regional connections, while regular bus services operate along Dereham Road, providing frequent services into Norwich and surrounding areas.

Tenure / Property Information

Investment Analysis

The £350,000 guide equates to approximately £5,627 per acre across the stated 62.2 acres, but this is not a valuation. The two supplied sold comparables are freehold 'Other' properties in Costessey from 2016 and 2017 and are not sufficiently specific or recent to support a GDV or market-value conclusion. The property includes a former reinstated landfill, woodland and low-lying ground, with logistical development potential only subject to requisite consents. Part of the site is leased for landfill management and electricity generation, with gas-sale proceeds remitted to the landlords, but no income amount or lease terms are supplied. The anticipated TOGC treatment may be relevant to VAT, but no buyer or administration costs are provided.

Investment Snapshot

Strategy Recommendation

Treat as a specialist land and income-rights acquisition only. Proceed beyond the guide solely after legal, environmental, landfill-gas, lease, planning and development due diligence confirms value and income.

Works Required

No refurbishment works are evidenced. Any future works would be dependent on planning and other requisite consents, together with environmental, landfill and site-management requirements.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis is not supportable because there is no evidence of residential use, refurbishment cost, market value, rental income or refinance valuation. The development potential is expressly subject to requisite consents and should not be treated as an established scheme.

Buy-to-Let Analysis

A BTL yield cannot be established. No residential accommodation or sufficiently specific rental evidence is supplied. The site does generate or may generate landlord income from landfill gas proceeds, but the amount, operating-cost deductions and lease terms are not provided, so this cannot be treated as quantified rent.

Flip Analysis

A flip surplus cannot be calculated. No supported GDV, development or remediation budget, selling allowance or consented development scheme is provided. The supplied comparables are not sufficiently comparable to establish resale value.

Investor Risks & Due Diligence

• Former landfill use and landfill gas require specialist environmental, technical and legal due diligence.

• Logistical development potential is subject to requisite consents and is not an established planning consent or GDV.

• The woodland and low-lying ground may constrain use, access or development, but no technical assessments are supplied.

• The property is partly let, but lease terms, liabilities, income and termination rights are not provided.

• Landlord gas-sale proceeds are subject to site operating costs and are not quantified.

• The two supplied sold comparables are older and not sufficiently specific to support valuation.

• The property is elected for VAT; although a TOGC is anticipated, the VAT treatment and transaction mechanics require professional confirmation.

Recommendation

Treat as a specialist land and income-rights acquisition only. Proceed beyond the guide solely after legal, environmental, landfill-gas, lease, planning and development due diligence confirms value and income.

Strategy Rating

Analysis Confidence

The evidence confirms tenure, acreage, site components and existing arrangements but provides no direct land comparables, quantified income, lease terms, planning consent, development appraisal, works budget or transaction costs.