5 Bed HMO, Norwich, NR4 7LZ, £395,000

Primula Drive, Norwich, NR4 7LZ - 1 views - a month ago

Leasehold
HMO
~178 m²
+9 photos

ValuationUndervalued

Sold Prices£245K - £985K
Sold Prices/m²£2.6K/m² - £4.9K/m²

 

 

Square Metres

~178.28 m²
Price/m²£2.2K/m²

Value Estimate

£474,000
BMV20%

Cashflows

Cash In

 

Purchase Finance

Mortgage

Deposit (25%)

£98,750

Stamp Duty & Legal Fees

£28,200

Total Cash In

£126,950

 

 

Cash Out

 

Room Rate

£375

Gross Rent

£1,875

Running Costs/mo

£2,215

Cashflow/mo

£-340

Cashflow/yr

£-4,084

Gross Yield

6%

Local Sold Prices

25 sold prices from £245K to £985K, average is £580.5K. £2.6K/m² to £4.9K/m², average is £3K/m².

PriceDateDistanceAddressBeds 
£350K12/200.05 mi12, Jasmine Close, Norwich, Norfolk NR4 7NE5
£420K07/210.06 mi5, Salter Avenue, Norwich, Norfolk NR4 7LX5
£580K10/200.17 mi530, Earlham Road, Norwich, Norfolk NR4 7TF5
£580.5K03/230.21 mi501, Earlham Road, Norwich, Norfolk NR4 7HN5
£430K03/240.35 mi450, Earlham Road, Norwich, Norfolk NR4 7HL5
£467K12/230.35 mi452, Earlham Road, Norwich, Norfolk NR4 7HL5
£246K06/210.39 mi158, Northfields, Norwich, Norfolk NR4 7EX5
£245K11/230.39 mi186, Northfields, Norwich, Norfolk NR4 7EX5
£282.5K02/210.42 mi50, Earlham Green Lane, Norwich, Norfolk NR5 8HE5
£282.5K02/210.42 mi50, Earlham Green Lane, Norwich, Norfolk NR5 8HE5
£695K03/210.62 mi223a, Earlham Road, Norwich, Norfolk NR2 3RQ5
£658K06/210.64 mi53, The Avenues, Norwich, Norfolk NR2 3QR5
£580K12/220.64 mi18, Jessopp Road, Norwich, Norfolk NR2 3QA5
£677.3K06/210.69 mi119, Christchurch Road, Norwich, Norfolk NR2 3PG5
£790K05/230.69 mi117, Christchurch Road, Norwich, Norfolk NR2 3PG5
£350K06/210.75 mi42, Sotherton Road, Norwich, Norfolk NR4 7DB5
£660K03/210.76 mi43, The Avenues, Norwich, Norfolk NR2 3PH5
£725K08/220.8 mi88, Christchurch Road, Norwich, Norfolk NR2 3NG5
£675K06/210.83 mi161, Earlham Road, Norwich, Norfolk NR2 3RG5
£700K07/220.85 mi170, College Road, Norwich, Norfolk NR2 3JA5
£955K12/200.87 mi1, Judges Drive, Norwich, Norfolk NR4 7QQ5
£985K02/230.88 mi381, Unthank Road, Norwich, Norfolk NR4 7QG5
£595K11/230.89 mi138, Earlham Road, Norwich, Norfolk NR2 3HF5
£370K02/230.95 mi37, Leng Crescent, Norwich, Norfolk NR4 7NY5
£825K08/230.97 mi426, Unthank Road, Norwich, Norfolk NR4 7QH5

Local Area Statistics

Population in NR4

22,331

Population in Norwich

366,887

Town centre distance

1.96 miles away

Nearest school

0.10 miles away

Nearest train station

2.39 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

-15%

Sales demand

Balanced market

Capital growth (5yrs)

+23%

Property History

Listed for £395,000

February 28, 2025

Floor Plans

Description

  • High yield investment achieving an impressive 6.8% percent rental yield, making it a lucrative opportunity for landlords +
  • Licensed HMO, fully compliant with a current house in multiple occupation license, ready for tenants to move in +
  • Versatile potential, easily converted back into a spacious family home with architectural plans already in place for a ground floor extension +
  • Spacious interior, featuring large double bedrooms, a bright and airy living space, and a modern well-equipped kitchen +
  • Additional amenities, separate utility room, downstairs shower room with WC, and a three-piece main bathroom +
  • Prime corner plot, generous plot size offering further potential for expansion or future value addition +
  • Outdoor appeal, southwest-facing garden with a patio, lawn, and mature hedging providing a private and sunlit outdoor space +
  • Garage and parking, off-road driveway parking and a brick-built garage offering ample storage or potential for conversion +
  • Furniture included (optional), all furnishings can be included in the purchase price +

This fantastic investment opportunity boasts an impressive 6.8% rental yield and a current HMO license, making it a prime choice for landlords looking to expand their portfolio. Recently refurbished and redecorated late last year, the property is fully compliant and ready for tenants, with the added benefit that all furniture can be included in the purchase price if required. For those looking beyond investment, the home also holds incredible potential to be returned to a stunning family residence, with architectural plans already in place to extend the ground floor. Location This property is situated south of Norwich in the highly desirable area of Eaton, only a short drive into the city centre. A quiet and peaceful, with many green spaces and parks nearby, including Eaton Park and Earlham Park and many beautiful river walking routes. There are also several shops, cafes, and restaurants in the area, including The Cellar House, which is a popular pub with a great selection of food and drinks. Additionally, the property is in a great location for schooling, perfect for families with young children. Primula Drive Upon entry, a welcoming entrance hall leads into a spacious living area, offering ample room for comfortable furnishings and a dedicated dining space, perfect for socialising or group gatherings. The well-equipped kitchen is fitted with modern units and appliances, allowing for easy meal preparation. A separate utility room provides a practical laundry area, alongside a handy shower room and WC, adding extra convenience for tenants or residents. Upstairs, the property features four generously sized double bedrooms, each offering comfort and versatility, whether for tenants or a growing family. The main bathroom includes a three-piece suite, ensuring practicality for multiple occupants. The large corner plot provides further opportunity for future enhancements, making this home not only a high-yield rental but also a strong long-term asset. Externally, the property sits in a quiet residential area with no through traffic, offering a peaceful setting. The driveway provides off-road parking, while the front lawn adds curb appeal. To the rear, the southwest-facing garden enjoys plenty of natural sunlight, featuring a patio area ideal for outdoor seating, a well-maintained lawn, and mature hedging for privacy. A brick-built garage at the end of the garden offers substantial storage and holds potential for conversion, providing even further scope for value addition. Agents Note Sold Freehold Connected to all mains services

EPC Rating: D Disclaimer Minors and Brady, along with their representatives, are not authorized to provide assurances about the property, whether on their own behalf or on behalf of their client. We do not take responsibility for any statements made in these particulars, which do not constitute part of any offer or contract. It is recommended to verify leasehold charges provided by the seller through legal representation. All mentioned areas, measurements, and distances are approximate, and the information provided, including text, photographs, and plans, serves as guidance and may not cover all aspects comprehensively. It should not be assumed that the property has all necessary planning, building regulations, or other consents. Services, equipment, and facilities have not been tested by Minors and Brady, and prospective purchasers are advised to verify the information to their satisfaction through inspection or other means.

Agent Details

Minors & Brady, Unthank Road, Norwich

01603 361808

Next Steps?

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