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See how verdicts work2-bedroom semi-detached house · SO23 0ES
Listing removedListed 336 days
Opportunity summary
See Archie’s verdict, returns by strategy and what to check before viewing.
About
The Property: A stylish, Grade II Listed, freehold city cottage with an abundance of history and charm.
Constructed circa 1788 using materials from the old Magdalen Hill Hospital, this magnificent home offers a rare opportunity to purchase a classic piece of Winchester’s history.
The property enjoys an elevated and little-known position right in the middle of the city centre.
Having been recently renovated by the current owner, internally the property is bejewelled with charm and character, with the benefit of contemporary style.
The ground floor is open plan and comprises a generous entrance hall, dining room and sitting room, both enjoying gorgeous fireplaces and a cloakroom.
The kitchen is positioned to the back of the house and has access out into a small private courtyard which, again, has been upgraded to create a fantastic external dining area, perfect for summer evenings.
The first floor enjoys two double bedrooms, one at each end of the house. The principal bedroom enjoys a magnificent view over Water Lane and its Willow Tree, along with the Itchen Navigation.
A family bathroom on the first floor serves both bedrooms.
Outside, a delightful garden lies to the front of the property, abundant with flowers and mature shrubs it provides a haven in this central city setting.
The Location: Rosemary Close is one of Winchester's best kept secrets; A close consisting of only two properties, each with different postcodes. This property is actually accessed via Water Lane.
It enjoys a slightly elevated position only minutes from the Broadway and High Street in Winchester city centre, also only minutes to the eclectic range of shops, bars and restaurants.
The Hampshire Farmers' Market visits the High Street periodically, selling a wealth of local produce. Also close by are River Park Recreation Ground, St. Giles' and St.
Catherine's Hills and the delightful Water Meadows.
Winchester's mainline rail station is also within walking distance, and there is excellent M3 access; the property lies equidistant to junctions 10 to the south and 9 to the north.
Directions: From our office, proceed up the High Street to the roundabout and turn right onto Upper High Street. Continue past the railway station to the traffic lights at the crossroads.
Turn right onto City Road, continuing ahead into North Walls.
At the bottom of the hill peel off left into Durn Gate Place and take the second right into Water Lane where the property will be found on the left-hand side, identified by our 'For Sale' board.
Viewing: Strictly by appointment through Belgarum Estate Agents . Services: All mains services are connected. Council Tax: Band E - rate for 2025/26 £2,750.43 pa. Parking - On street
Value & comps
No previous sales on record.
Returns
Set an offer; the calculator follows it.
We're still gathering serviced-accommodation data for this area.
Archie refurb estimate: a Pro feature
0.0% below asking
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Deal
Properties like this can earn 2–3x BTL yields when converted to HMO, with retrofit costs around £10k/room. Sign in to see the full tier, yield projection, and cost breakdown.
Commercial properties like this can earn 30-50% higher yields when converted to residential under Class MA / Q / P / PA, with prior approval costing ~GBP 96/unit. Sign in to see the recommended route, yield uplift, and cost breakdown.
BRRR-suited properties can recycle 80-100% of investor capital on refi, leaving a high-yielding rental with most of the money out. Sign in to see the refurb cost stack, ARV projection, and refinance maths.
Detached + large garden = sub-division play. Pro tier unlocks the tier badge, plot size, uplift estimate, and regional land benchmark.
Short-lease flats trade at deep discount, but extending under the 1993 Act often costs far less than the discount. Pro tier unlocks the tier badge, premium breakdown, long-lease ARV and arbitrage maths.
See projected short-stay revenue vs a vanilla BTL for this property.
See real sub-let margins (HMO room rates & SA nightly rates) vs the landlord rent.
Area
Agent & docs

FAQ
About Water Lane, Winchester, SO23
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