2-bedroom flat · NR23 1FD
Sold STCReduced £25k (−6.7%) on 1 SepListed 241 days
Opportunity summary
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About
Driftwood is a rare opportunity to purchase a perfect lockup and leave pied a terre apartment in Mainsail Yard, a prestigious development built less than 20 years ago on the edge of Wells-next-the-Sea.
The apartment occupies the first floor of this landmark building and has distant views towards the pinewoods and sea from the bedrooms.
The accommodation has been much improved by the current owners and is beautifully presented comprising a spacious hallway, kitchen/diner, sitting room, 2 bedrooms and a luxury bathroom.
Outside, Driftwood has the benefit of an allocated parking space in the covered garage with a space for bike storage and a useful store.
With the quay and the centre of town at Wells-next-the-Sea being just a 5 minute walk away, the property has been a much loved second home and holiday lettings business for the current owners but would also suit those looking for a low maintenance compact home close to amenities.
Please note that the furniture, fixtures and fittings are also available by separate negotiation.
The apartment is being offered for sale leasehold on a 125 year lease from 2008 with no onward chain and the new owner will also acquire a share of the freehold management company, Barkers Yard Management Company Limited, with the owners of the 4 apartments being directors.
A monthly maintenance charge applies (currently £100) covering communal electricity and cleaning, the maintenance of the building's exterior and fire alarm servicing plus a share of the annual buildings insurance is also payable - please ask Belton Duffey for more information.
Wells-next-the-Sea has been a commercial and fishing port for nearly 600 years and still supports a thriving fishing fleet bringing in a catch of, predominantly, shellfish sold locally on the quayside and in nearby restaurants.
With a growing number of leisure craft moorings, a lively, sociable sailing club, harbour and sea fishing trips, the town caters for every type of water activity including “gillying” - crabbing on the quayside.
Situated a mile from the Quay, the extensive sandy beach is often ranked as one of the top 10 in the country by travel journals.
Set against a backdrop of Corsican pinewoods, the stunning beach is home to the much publicised, iconic colourful beach huts, which are available to buy or can be rented daily.
From the top of town down to the Quay, Staithe Street provides visitors and locals with a wide variety of shops, cafes, galleries and speciality food stores.
For entertainment, the recently opened Wells Maltings offers live entertainment and exhibitions, whilst alongside the Quay, are all the usual popular traditional seaside attractions.
Alongside coastal scenery, wildlife and water sports, the town has a primary and secondary school – both rated Good by Ofsted - as well as a library, doctor’s surgery and cottage hospital providing a range of accessible and integrated health and well-being services.
Mains water, mains drainage and mains electricity. Gas-fired central heating to radiators. EPC Rating Band C. North Norfolk District Council, Holt Road, Cromer, Norfolk, NR27 9EN.
Council Tax Band n/a (registered for Business Rates).
Accommodation A door leads off a shared first floor landing into the spacious L-shaped hallway with entry phone system and space for coat hooks and shoe storage etc, doors to all rooms.
The living accommodation comprises a well appointed kitchen/diner with a range of cream base and wall units with granite worktops and integrated appliances plus a good sized sitting room.
There are also 2 double bedrooms and a luxury bathroom. Outside Driftwood is accessed from the rear of building through a communal entrance hall with a staircase leading up to the first floor.
The property also has the benefit of a parking space in the covered garage, space for bike storage and a useful store suitable for beach gear etc.
Value & comps
No previous sales on record.
Returns
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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.
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About Driftwood, Mainsail Yard, Wells-next-the-Sea
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