A dilapidated apartment block in Shipdham, near Dereham, will go under the hammer at auction next month - complete with permission to convert into nine new flats.
The detached property, which currently comprises two ground-floor flats and six bedsits, is for sale with Auction House East Anglia at a guide price of £375,000.
Over the years, the property has been a hotel, pub and HMO and is now in need of a full refurb.
A spokesperson for Auction House East Anglia says that, when fully let, the property was producing an income of around £36,000 a year but is now sold vacant. It would be well-suited to a builder or developer looking for a long-term investment.
Full planning permission was granted in March last year to convert the building into nine new flats, each with off-road parking.
Under the new permission, the internal layout will be altered to create six one-bedroom flats on the ground floor and three one-bedroom flats on the first, and all will be marketed at a social, affordable or intermediate rent.
The property currently has gas-fired central heating and double-glazing and is arranged over two floors, with an entrance hall and two self-contained flats on the ground floor and six bedsits, a resident’s lounge, communal kitchen and bathroom on the floor above.
Outside, there is a communal car park, courtyard-style garden and a pond and the plot extends to around a quarter of an acre.
The auction will take place at 11am on Wednesday, February 8. For more information, contact Auction House East Anglia.
PROPERTY FACTS
Mill Road, Shipdham
Guide price: £375,000
Auction House East Anglia, 01603 505100
www.auctionhouse.co.uk/eastanglia
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