Summary - 1 ST LUKES TERRACE GREAT YARMOUTH NR31 0AP
1 bed 1 bath Flat
Low‑cost auction buy for investors prepared to refurbish and re‑let quickly.
Auction guide £25,000 — sold via modern auction method
62 years remaining on lease — many lenders likely to refuse mortgages
Freehold of building included; new owner can grant a longer lease
Requires further modernisation; potential damp and external redecoration
Compact footprint ~328 sqft — small one‑bed, single occupant/rental size
Gas central heating and double glazing already installed
Service charge and ground rent c. £25 pcm each; low Council Tax (Band A)
Area classed very deprived with higher crime — impacts lettability
Presented at a low auction guide price, this ground-floor one-bedroom flat in Great Yarmouth is targeted at investors or buyers happy to renovate. The building’s freehold is being transferred with the sale, giving a new owner the option to grant a longer lease if required. Internally the flat is compact and requires further modernisation, but already benefits from gas central heating and double glazing.
The property is sold by modern auction method with a 56‑day reservation period. Prospective buyers should note the non‑refundable reservation fee (4.5% of the purchase price, subject to a minimum) and the Buyer Information Pack cost. If you require mortgage finance, check with lenders first — the remaining lease length is likely to cause refusal by many high‑street lenders.
This is a straightforward refurbishment project for an investor seeking an entry‑level buy‑to‑let or a hands‑on landlord. The flat’s small footprint and urban setting suit single occupancy rental. Local amenities, good broadband and strong mobile signal support lettability, but the surrounding area is classed as very deprived with higher crime levels, which will affect rental yields and tenant demand.
Buyers should budget for updating the interior, potential external paintwork, and investigate reported damp/maintenance issues. The service charge and ground rent are modest (£25 pcm each), and council tax is low (Band A), which can help operating costs once refurbishment is complete.
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