Five one‑bed flats with allocated parking — immediate income and clear uplift potential.
Five self-contained one‑bed flats with tenants in situ
A substantial period property in Norwich city centre, arranged as five self-contained one‑bed flats with tenants in situ. The building is freehold, set behind a large gravel driveway with allocated off‑street parking for each flat — a strong practical advantage in NR1 close to City College Norwich and local amenities.
Income can be lifted: several flats currently let below estimated market rent and there is demonstrable recent uplift in units after refurbishment. The property is already running as a multi-let investment with low turnover and utility charges (water and heating) included in rents, simplifying management but concentrating service risk.
Buyers should note the building’s mixed-condition and single-point services: one water supply and one gas boiler serve the whole block. Constructed of solid brick with secondary glazing and assumed lack of cavity wall insulation, the property will benefit from energy and fabric upgrades to reduce running costs and future‑proof tenant demand.
This asset offers two clear routes: continue as a managed multi-let with immediate income and scope to increase rents through targeted refurbishments, or explore reversion to a single 5/6‑bed dwelling (subject to consents). For investors seeking a central, low-crime, affluent NR1 location with parking and clear refurbishment upside, this presents a practical, value-add opportunity.
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