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Norwich NR3

East of England

£325,000
Listed on 09/10/2025

Property Details

Bedrooms
N/A
Type
Detached house

Description

This centrally located plot in Norwich presents a compelling development opportunity with approved planning permission for the construction of seven residential units. The site, formerly home to the Dell Ballroom dance studio, is poised for transformation into a modern living space and offers a strategic investment for developers looking to capitalize on the growing demand for housing in urban areas. The granted planning permission (Ref: 18/00077/F) outlines the development of diverse housing options, including two 2-bedroom houses, one 1-bedroom house, and a total of four flats—two of which are designed as 1-bedroom units. The overall Gross Internal Area (GIA) is approximately 511 square meters, providing ample space for innovative design while incorporating contemporary living standards. Situated on Waggon and Horses Lane, the location benefits from close proximity to Norwich’s vibrant amenities. Residents will enjoy easy access to shopping, dining, and cultural attractions like Norwich Castle and The Forum. The area is well-connected with public transport options that enhance accessibility to surrounding regions, making it an appealing choice for future occupants. Significantly, key pre-construction work has already been completed—demolition and archaeological surveys have been finalized without imposing further restrictions on the project timeline. Planning conditions ensure that environmental factors are taken into account during construction, including considerations for local wildlife. Investors should note there is a Community Infrastructure Levy (CIL) liability totaling £53,552.34 payable upon commencement of development. This investment not only supports local infrastructure but also affirms the commitment to enhancing community facilities as part of this project. In summary, this property stands as a unique opportunity within a prime urban setting in Norwich. The combination of approved plans, completed preparatory work, and an advantageous location creates strong potential for significant returns on investment in a dynamic market.

Investment Analysis

(NR3 area)
Area Average
£278/sq ft
Avg Rent (weekly)
£253
Avg Yield
6.0%

Renovation Potential

Heavy Refurb
Est. Renovation Cost
£900,000 - £1,200,000
Note: Renovation cost estimates are AI-generated based on property location and general characteristics, and may not reflect actual costs.
Monthly Sales
30
Average per month
Market Turnover
18%
Properties sold annually

Local Market Trend (NR3)

Area prices are stable by +0.7% over the last 12 months
3 year growth: -1.7%
5 year growth: 16.1%
Investment Disclaimer: Analysis based on NR3 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

Norwich NR3
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Mortgage Calculator

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£
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years

Current average 2-year fixed rate is 4.19%

Current average variable rate is 6.78%

Monthly Repayments
£1,191
Based on a loan of £243,750 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