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Lichfield Road, Great Yarmouth - Image 1
Lichfield Road, Great Yarmouth - Image 2

Lichfield Road, Great Yarmouth

East of England

£225,000
Listed on 28/09/2024

Property Details

Bedrooms
3
Type
Detached house

Description

This property presents a remarkable development opportunity, featuring a substantial plot that has already received planning permission for the construction of five three-storey townhouses. The detailed planning approval, referenced as 06/21/0796/F, allows for immediate progression on the project, as work has already commenced on-site, eliminating any planning deadlines. The freehold status of the property provides flexibility for future development or investment strategies. Potential buyers are encouraged to confirm the availability of essential services and utilities in the vicinity to facilitate their plans. Located in Great Yarmouth, this site benefits from its proximity to the town centre and a variety of local amenities. As the largest resort on the East Norfolk coast, Great Yarmouth boasts a historic market place alongside diverse shopping options. The town is well-connected with a busy port and access to the picturesque Norfolk Broads via the rivers Yare and Bure. Residents will appreciate nearby attractions including museums, a racetrack, a greyhound stadium, and educational institutions catering to all ages. Additionally, healthcare facilities are conveniently located about five miles to the south. In terms of accessibility, public transport links are robust, featuring both bus and rail services that connect directly to Norwich. This positioning enhances its appeal for potential tenants or owners seeking urban convenience paired with coastal charm. Overall, this property not only offers an exciting renovation prospect but also stands as a promising investment in an area experiencing growth and revitalization.

Investment Analysis

(NR31 area)
Area Average
£256/sq ft
Avg Rent (weekly)
£213
Avg Yield
4.2%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£300,000 - £500,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
46
Average per month
Market Turnover
12%
Properties sold annually

Local Market Trend (NR31)

Area prices are stable by +1.8% over the last 12 months
3 year growth: -4.4%
5 year growth: 19.8%
Investment Disclaimer: Analysis based on NR31 area averages and may not reflect property-specific factors like condition, exact location, or unique features. Any renovation cost estimates provided are AI-generated and should be considered indicative only. Renovation costs vary significantly based on property condition and scope of work. Always conduct professional surveys and get multiple quotes before making investment decisions.

Location

Lichfield Road, Great Yarmouth
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Mortgage Calculator

£
£
£
%
%
years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£824
Based on a loan of £168,750 over 30 years at 4.19% interest

These results are estimates and are only intended as a guide. Make sure you obtain accurate figures from your lender before committing to any mortgage. Your home may be repossessed if you do not keep up repayments on a mortgage.

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE