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Northumberland Park, Norwich


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2 bed duplex £147.5k

Received some info from Bidwells about these places last week. Must confess that, although it looks very good on the outside, the layouts look rather disappointing for the asking prices of 7 plots - £95k-£147.5k. 1 & 2 bedroom single storey flats on floor 1 (ground floor) and 2 bedroom duplexes on the upper floors.

In the smaller, cheaper flats there appears to be no door separating the windowless bathroom from the open plan kitchen area. All flats seem to have a totally open plan layout - it would be nice to have the option to close off the kitchen from the living area! And it appears that all flats, some with double height, are heated by storage heaters!

Don't think I would be totally put off from buying a place but at those prices, you could buy a freehold terraced house in the area.

Lease details = 125 yr lease from 1.1.09. Ground rent is £100 a year. Service charge = £450/year for 1 bedroom and £695/year for 2 bedroom.

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They really should get their photographer to sober up before letting him take any more pictures. 145k for a Norwich flat, still seems high to me? Are there really that many Norwich people on 37k/year (10% deposit, 3.5 wages as mortgage) that would want that as a main home? :blink:

Looks like BTL fodder to me, what's the yield like on 145k, assuming a 700pcm rent (New flat, mid-poor area)? Sorry, can't remember how to calculate yield :(

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Ok, so Google showed me a couple of yield calculators:

145k @800pcm = 6.62%

145k @700pcm = 5.79%

145k @600pcm = 4.97%

That's before any capital gains or losses of course. Anyone have any thoughts on achievable rents for those flats?

Just noticed your point about no door between the bathroom and the kitchen :blink: I'd always thought that was a legal requirement?

http://www.bmsolutions.co.uk/support/btlcalcs.asp

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Hello Meff. :)

Welcome to the forum! B)

Just noticed your point about no door between the bathroom and the kitchen :blink: I'd always thought that was a legal requirement?

http://www.bmsolutions.co.uk/support/btlcalcs.asp

I might be wrong but, so long as there's a vent in the bathroom then its OK.

If I was on £37k a year then I wouldn't buy a flat in that area.

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Give it a few years and there will be a "1" knocked off the front of that price.

They look pretty hideous.

Anyone have any thoughts on achievable rents for those flats?

500 pcm. 550 absolute max. Anything above 550 is city centre or really nice secluded/ riverside area.

There's this one in prime golden triangle area for £495: http://www.rightmove.co.uk/property-to-ren...D2%26index%3D10, and many others in NR2 for around 500.

Edited by DementedTuna
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One point I didn't quite make very clear in my 1st post about the storage heaters is that they are going to have to work very hard to keep the places warm, given that some of them are double height.

I drove past the site today. The sales office was open but the rear of the site was still fenced off and looked half finished. I didn't bother to stop to take a closer look.

Another thing that puzzles me is that 7 of the plots were advertised for sale yet there are about 50 flats in the block. :blink:

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Ah yes, a scrap of space in the basement - (in the one bit of the building they can't turn into flats because live humans have to have sunlight...) that well known "delightful additional feature". :blink:

We looked at renting somewhere in Colchester that was in the old BT building there - great big windows, that made all the rooms on one side a great big greenhouse - this place reminds me of it - although looking at the pictures, maybe the windows are smaller than they seen on the outside...

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  • 1 month later...

Just received another flyer for this development - from £89,995 so the prices are gradually edging southwards. ^_^

Also found out that a friend has put down a deposit on one of these places. His money - good luck to him I say.

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  • 7 months later...

Just received another flyer for this development - from £89,995 so the prices are gradually edging southwards. ^_^

Also found out that a friend has put down a deposit on one of these places. His money - good luck to him I say.

Yes I certainly did. Got a bloody good price for it too....and now prices are edging back upwards I would say my purchase was at exactely the right time too especially with a really cheap mortgage rate. Loving the duplex apartment too....its Ace :)

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Yes I certainly did. Got a bloody good price for it too....and now prices are edging back upwards I would say my purchase was at exactely the right time too especially with a really cheap mortgage rate. Loving the duplex apartment too....its Ace :)

:lol: Is that you, Steve? If it is then don't forget you still owe me a pint!

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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