Mitre Tavern Barn, Mitre Yard, North Walsham, Norfolk NR28 9BN

Description

This freehold two storey commercial attached building is currently arranged as two self contained units and extends to around 83 sq/m. The property has electric heating, is not listed, and lies within a conservation area. There is potential for conversion to residential, subject to the necessary consents being obtained.

Accommodation

Ground floor unit: entrance hall, shop space/treatment room/kitchen, rear lobby, WC and utility. First floor unit: ground floor entrance hall; first floor large open plan office room with kitchen area and WC.

Location

Situated in the town centre just off the Market Place. The property lies within a conservation area.

Tenure / Property Information

Investment Analysis

The property is a freehold commercial building of approximately 83 sq m arranged as two self-contained vacant units. The supplied sold evidence relates to 4 Mitre Tavern Yard rather than expressly to Mitre Tavern Barn, and the transactions date from 1999–2007, so it does not provide a reliable current market value. No current commercial valuation, rental evidence or residential conversion evidence is supplied. The £60,000–£80,000 guide is auction guidance, not a valuation. Buyer premium and admin charge total £2,160 including VAT, with possible additional disbursements under the legal pack.

Investment Snapshot

Strategy Recommendation

Do not underwrite as a residential conversion or investment without first reviewing the legal pack, confirming planning and conservation-area requirements, inspecting the building and obtaining current commercial valuation and rental advice. The evidence currently supports only a cautious commercial re-letting investigation.

Works Required

No specific physical defects or refurbishment requirements are evidenced. Any works should initially be limited to inspection, compliance review and obtaining professional advice on the potential residential conversion. Conversion works cannot be specified or costed without planning, building-control and condition information.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be underwritten because no supported current value, post-conversion GDV, refurbishment budget, commercial rent or refinance evidence is supplied. The potential residential conversion is expressly subject to obtaining the necessary consents, and the conservation-area location may require additional consent considerations.

Buy-to-Let Analysis

A BTL assessment cannot be completed from the supplied evidence. The building is commercial, vacant and has no current passing rent or commercial rental evidence. The supplied £507 pcm asking rent relates to a seven-bedroom residential property and is not applicable evidence for these units. Residential conversion would require the necessary consents, which are not confirmed.

Flip Analysis

A flip surplus cannot be calculated. The available comparables are historic transactions for a different stated property reference and do not establish a current resale value for Mitre Tavern Barn. No supported refurbishment cost, conversion GDV or selling allowance is available.

Investor Risks & Due Diligence

• Potential residential conversion is subject to the necessary consents and is not confirmed.

• The property lies within a conservation area.

• The building is vacant and no current passing rent is evidenced.

• The supplied rental evidence is for a different seven-bedroom residential property and is not applicable to this commercial building.

• The supplied sold comparables are historic and refer to 4 Mitre Tavern Yard rather than expressly to Mitre Tavern Barn.

• Additional purchaser disbursements, search fees, sellers’ costs, legal fees or transfer fees may be payable under the legal pack.

• Physical condition and the cost of any required works are not evidenced.

Recommendation

Do not underwrite as a residential conversion or investment without first reviewing the legal pack, confirming planning and conservation-area requirements, inspecting the building and obtaining current commercial valuation and rental advice. The evidence currently supports only a cautious commercial re-letting investigation.

Strategy Rating

Analysis Confidence

Current valuation, comparable commercial rental evidence, condition information, refurbishment costs, planning status and conversion GDV are not supplied. The available sales evidence is historic and refers to a different property reference.