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Gurney Road, New Costessey, Norwich - Image 1
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Gurney Road, New Costessey, Norwich

East of England

£575,000
Listed on 03/10/2025

Property Details

Bedrooms
3
Type
Detached house

Description

This property presents an intriguing opportunity for renovation and development in the sought-after suburb of Costessey. Set within a well-connected area just six miles from Norwich City Centre, the site currently features a detached chalet bungalow ripe for refurbishment. With some creative vision, this existing structure could be transformed into a modern living space, enhancing its potential value. Additionally, the property comes with approved planning permission to construct three single-storey dwellings on-site. This aspect significantly boosts its investment appeal, making it suitable for developers looking to expand their portfolio or investors seeking to capitalize on the growing demand for housing in this desirable location. Costessey offers a blend of convenience and community, with a variety of local amenities including shops, restaurants, and healthcare facilities. The nearby Ormiston Victory Academy is highly regarded, providing quality education options that attract families to the area. Excellent public transport links ensure easy access to Norwich City Centre and beyond, while major roadways like Dereham Road and the A47 enhance connectivity by car. Furthermore, Norwich International Airport is conveniently situated to the north of the city, catering to both domestic and international travel needs. With its combination of renovation potential and development prospects, this property stands as a unique opportunity in a vibrant community setting.

Investment Analysis

(NR5 area)
Area Average
£280/sq ft
Avg Rent (weekly)
£499
Avg Yield
9.4%

Renovation Potential

Medium Refurb
Est. Renovation Cost
£30,000 - £60,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
17
Average per month
Market Turnover
12%
Properties sold annually

Local Market Trend (NR5)

Area prices are stable by +1.7% over the last 12 months
3 year growth: -5.7%
5 year growth: 9.3%
Investment Disclaimer: Analysis based on NR5 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

Gurney Road, New Costessey, Norwich
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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
£2,106
Based on a loan of £431,250 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