Old Ambulance Station, Earls Street, Thetford, Norfolk

Description

A detached former Ambulance Station originally constructed in 1937 to commemorate the Coronation of King George VI. The building was sympathetically converted in 2013 into a spacious two-bedroom residential dwelling and has most recently been utilised as a tenanted investment property. The accommodation is arranged over two floors and includes a generous open-plan living room and kitchen, creating a bright and versatile living space. To the first floor are two bedrooms together with a family bathroom. The property further benefits from full double glazing and modern electric heating throughout. An interesting and unique property offering potential for owner occupation, investment, or alternative uses subject to any necessary consents.

Accommodation

Ground Floor: Upper level kitchen diner with steps down to lower level sitting room. First Floor: Landing, two bedrooms, bathroom. Outside: Small front garden area. Rear garden including wooden decking area and lower shingled area.

Tenure / Property Information

Tenure	Freehold
EPC	Current Rating E
Council Tax	Band C
Heating	Modern electric heating throughout
Services	Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Investment Analysis

Indicative GDV is set at £160,000, based primarily on the subject property's £160,000 completed sale in 2016. Other Earls Street detached sales range from £140,000 in 2004 and £200,000 in 2014 to £341,000 in 2021, but sizes, condition and specification are not supplied. The evidence is dated and variable, so the range is indicative rather than a formal valuation.

Investment Snapshot

Guide Price	£130,000 - £150,000 (plus fees)
HB Estimated GDV	£160,000

Strategy Recommendation

Proceed only after reviewing the legal pack, confirming occupancy and rent, and obtaining an independent inspection. On the supplied evidence, treat this primarily as a potential owner-occupier or long-term hold rather than an underwritten BTL, BRRR or flip.

Works Required

No specific defects or required works are evidenced. Allow for inspection and legal-pack review, with any works or EPC-related improvements to be identified only after further due diligence.

Rental & Market Context

No sufficiently specific external rental comparable identified.

Sold Comparables

The following completed sales were identified within approximately 5 miles:

57, Earls Street, Thetford, Breckland, Ip24 2af 2021-05-12 · Detached · Freehold	£341,000
The Old Ambulance Station, Earls Street, Thetford, Breckland, Ip24 2af 2016-06-10 · Detached · Freehold	£160,000
53, Earls Street, Thetford, Breckland, Ip24 2af 2014-05-09 · Detached · Freehold	£200,000
The Old Ambulance Station, Earls Street, Thetford, Breckland, Ip24 2af 2014-01-07 · Detached · Freehold	£74,500
55, Earls Street, Thetford, Thetford, Breckland, Ip24 2af 2004-08-20 · Detached · Freehold	£140,000

Potential BRRR Position

Base GDV	£160,000
75% Refinance	£120,000

At the indicative £160,000 GDV, 75% refinance is approximately £120,000. Total acquisition and project costs cannot be calculated because the purchase price, refurbishment requirement and possible legal-pack disbursements are uncertain. BRRR viability therefore cannot be confirmed.

Buy-to-Let Analysis

BTL performance cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The property has most recently been described as a tenanted investment, but no current rent, tenancy terms or occupancy status are supplied.

Flip Analysis

A potential resale value is indicated by the subject's £160,000 2016 sale and other Earls Street detached sales, but the evidence is dated and variable. Flip surplus cannot be calculated without a confirmed purchase price, works budget, selling allowance and other project costs.

Investor Risks & Due Diligence

• No current rent, tenancy terms or confirmed occupancy status are provided.

• No specific condition survey or refurbishment budget is available.

• The current EPC rating is E.

• Completed comparables are dated and show a wide price range, with limited specification and size information.

• Buyer premium and administration charges total £2,400, with possible additional legal-pack disbursements and other charges.

• Parking provision is not evidenced in the supplied information.

Recommendation

Proceed only after reviewing the legal pack, confirming occupancy and rent, and obtaining an independent inspection. On the supplied evidence, treat this primarily as a potential owner-occupier or long-term hold rather than an underwritten BTL, BRRR or flip.

Strategy Rating

HB Rating

★★☆☆☆

Analysis Confidence

Confidence

Low-Medium

The property description, tenure, guide and several completed sales are available, but current rent, occupancy, condition, works cost, parking details, legal-pack disbursements and current comparable evidence are not supplied.