Street Farm, The Street, Foxley, Dereham, Norfolk NR20 4QP

Description

Detached cottage set in 3.59 acres with brick barn and lodge. The property offers an established country home, substantial grounds and significant development potential. Within the 3.6 acre plot is a detached barn together with a self-contained lodge. A current planning application (Ref: PL/2026/1053/FMIN) is for two new-build dwellings and conversion of the existing barn to create a further dwelling, providing three additional residential units in total, with associated access, parking and private amenity space. The outcome is anticipated around the time of the auction.

Accommodation

The Cottage: Ground Floor: hall, sitting room, dining room, kitchen and walk-in pantry. First Floor: large landing, two/three bedrooms and bathroom. The Barn: large main open barn with rear covered courtyard and utility room. Lodge: non-standard self-contained detached building offering two bedrooms, sitting room, kitchen and bathroom.

Location

Extensive private gardens extending to 3.59 acres with numerous mature trees, open lawned areas, pond and formal gardens.

Tenure / Property Information

Investment Analysis

The guide range is £400,000–£500,000 plus fees. Sold comparables in Foxley range from £160,000 to £426,000, but they are dated 2019–2021 and do not provide clear evidence for a 3.59-acre property with a barn, lodge and potential additional dwellings. The planning application for three additional residential units has not yet been determined, and no unit-specific values, development costs or formal valuation are supplied. A reliable GDV or maximum bid cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Proceed only as a planning-led acquisition after reviewing the legal pack, planning status, title, access, services, permitted use of the lodge and barn, and obtaining independent development appraisals and costings. Do not rely on the current guide as evidence of development value.

Works Required

No specific defects or refurbishment requirements are evidenced. Any development works would depend on the outcome and conditions of planning application PL/2026/1053/FMIN, including construction of two new dwellings, potential conversion of the existing barn into a dwelling, access, parking and private amenity space. No cost allowance can be supported from the evidence.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be reliably underwritten because refurbishment costs, post-works valuation, planning outcome, finance costs and refinance terms are not supplied. The 75% GDV refinance calculation is therefore unsupported. The planning opportunity may create value, but it remains conditional and should not be treated as committed GDV.

Buy-to-Let Analysis

The supplied rental evidence supports an indicative asking-rent range of £1,050–£1,500 pcm for three-bedroom properties in NR20, equivalent to £12,600–£18,000 annually. Against the £400,000–£500,000 guide, this indicates approximately 2.52%–4.50% gross yield depending on rent and purchase price. The lower and upper yield scenarios using consistent endpoints are 2.52% and 3.15%; the £1,500 pcm evidence implies up to 4.50% at the £400,000 guide. This evidence appears applicable to a three-bedroom property only and does not establish rent for the lodge, barn or any future dwellings. Advertised rents are not achieved rents.

Flip Analysis

A flip or development resale case cannot be quantified. The planning application is pending, no approved scheme value is supplied, and there are no supported construction, professional, finance, disposal or selling-cost estimates. Existing comparable evidence is too limited and dated to establish a defensible resale value for the whole property or proposed additional units.

Investor Risks & Due Diligence

• Planning application PL/2026/1053/FMIN may be refused, delayed or approved with conditions that reduce value.

• No supported GDV or development valuation is provided for the proposed additional dwellings.

• No construction, conversion, professional, finance or disposal costs are supplied.

• The legal pack may contain disbursements, search fees, seller-cost reimbursements, legal fees or transfer fees in addition to the stated buyer premium and administration charge.

• The lodge is described as a non-standard self-contained building, but its legal and planning status is not evidenced.

• The barn’s existing and proposed residential use is dependent on planning and any applicable consents.

• Rental evidence consists of advertised asking rents and does not establish achieved rent or income for the whole property.

• The property has an EPC rating of E, with no improvement costs supplied.

Recommendation

Proceed only as a planning-led acquisition after reviewing the legal pack, planning status, title, access, services, permitted use of the lodge and barn, and obtaining independent development appraisals and costings. Do not rely on the current guide as evidence of development value.

Strategy Rating

Analysis Confidence

The property description, guide, planning reference, historic local sales and indicative rental evidence are supplied, but planning is unresolved and there is no reliable GDV, works budget, development appraisal, passing rent or full cost information.