3 bed flat for sale

Lord Street, Grimsby DN31

Summary

Investment Opportunity | Two Self-Contained Flats, Separately Let Former Shop & Rear Garage.

An excellent investment opportunity to acquire this substantial end-terrace property situated on Lord Street in Grimsby, conveniently positioned for access to the town centre, local shops, amenities and transport links. The property has been divided to provide two self-contained flats, together with a separately let former shop premises and a garage to the rear, offering an established rental income and considerable scope for improvement.

The ground-floor flat is approached via a small enclosed side yard and provides accommodation comprising a kitchen, shower room, living room, hallway and one bedroom. The flat benefits from double glazing and gas-fired central heating and is occupied by a long-standing tenant. The accommodation requires comprehensive refurbishment and modernisation throughout, presenting an opportunity for investors looking to enhance the property over time.

The first-floor flat benefits from its own ground-floor entrance, with a staircase leading to the first-floor accommodation. This comprises a living room, two bedrooms, kitchen and wet room. The flat offers well-proportioned accommodation and would benefit from a programme of updating and improvement.

An additional feature is the separately let former shop premises, previously trading as the Butty Barn, which occupies a prominent ground-floor position fronting Lord Street. Measuring approximately 5.26m x 4.40m, the premises are currently let and used for storage purposes. Subject to the necessary consents and any existing tenancy arrangements, there may be potential for alternative uses or incorporation into the adjoining residential accommodation.

Externally, the property benefits from a small enclosed side yard providing access to the ground-floor flat, together with a garage situated to the rear.

The property is currently producing a combined rental income of 12,960 per annum, comprising 6,000 from the first-floor flat, 4,380 from the ground-floor flat and 2,580 from the former shop and garage. Based on the auction starting bid of 45,000, this represents an indicative gross rental yield of approximately 28.8%, before expenses, repairs and purchasing costs.

Whilst the property requires refurbishment and general improvement, the established rental income and potential to enhance the accommodation make this an interesting opportunity for experienced investors seeking a high-yielding addition to their portfolio.

Offered for sale by auction. Viewing is highly recommended to appreciate the accommodation, current condition and investment potential on offer.

Ground Floor Former shop.

5.1m x 4.4m

Formerly the "Butty Bun" it has laminate flooring and storage cupboard and a uPVC window frontage with separate meterage for electric.

Kitchen

2.9m x 2.7m

With a range of wall and base units incorporating a sink unit with drainer. Gas fired central heating boiler. Radiator and uPVC double glazed window unit.

Shower Room

1.9m x 1.9m

With shower cubicle, low-flush w.c. And a pedestal basin. Radiator and uPVC double glazed window unit.

Living Room

2.9m x 4.6m

With radiator and uPVC double glazed window unit.

Bedroom

3.8m x 3.6m

With radiator and uPVC double glazed window unit.

Hall

With uPVC entrance door and stairs to first floor accommodation.

Living Room

4.2m x 3.7m

With laminate flooring. Radiator and uPVC double glazed window unit.

Bedroom 1

3.3m x 4.2m

With radiator and uPVC double glazed window unit.

Bedroom 2

2.7m x 3.2m

With radiator and uPVC double glazed window unit.

Wet Room

1.6m x 1.9m

Tiled and having non-slip drainage flooring and fitted with a low-flush w.c. And hand basin. Shower, extractor, radiator and uPVC double glazed window unit.

Kitchen

2.8m x 2.4m

With range of wall and base units incorporating a sink unit with drainer, gas fired central heating combination boiler, uPVC double glazed door and uPVC double glazed window unit. Access to roof terrace.

Parking - Garage

There is an attached garage to the rear.

Council Tax Band: A
Tenure: Freehold

Auctioneers Additional Comments

Pattinson Auction are referred to as The Auctioneer. This auction lot is being sold by either conditional (Modern) or unconditional (Traditional) auction terms and overseen by The Auctioneer. The method of auction sale and the applicable terms and conditions are found on the lot page of this property on The Auctioneers website. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details to be shared between any marketing agent and The Auctioneer so that matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid, all bidders must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.

Auctioneers Additional Comments

The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and The Auctioneer and will typically be within a range above or below 10% of the Guide Price or Starting Bid. These prices are subject to change. An auction can be closed at any time, with The Auctioneer permitting the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this property is available to view upon request and contains details relevant to the legal documentation, enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and The Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.