3 bed pair of flats to buy in DN31

Lord Street, Grimsby, Lincolnshire, DN31 2ND

Brochure

Bedrooms: x 3

Bathrooms: x 2

Receptions: x 2

Tenure: Freehold

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Starting bid£45,000

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Key Information

Council tax: Band A
EPC rating: D
Heating supply: Gas
Electricity: National Grid
Parking: Garage

Property features

Being Sold via Secure Sale Online Bidding. Terms & Conditions apply.
Substantial End-Terrace Investment Property in Grimsby
Two Self-Contained Flats Comprising One and Two Bedrooms
Separately Let Former Shop Premises Currently Used for Storage
Garage to the Rear and Small Side Entrance Yard
Established Tenants with a Combined Rental Income of £12,960 per annum
Indicative Gross Rental Yield of 28.8% Based on the Starting Bid
Significant Refurbishment and Modernisation Potential

3 bed pair of flats to buy in DN31

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.

Open map Street view

This property is being sold subject to unconditional reservation fee auction terms and conditions.

Timescales

Contracts will exchange immediately. There are 28 days in which to complete the purchase.

Legal Pack

A legal pack is available to download. Special conditions may apply.

We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.

Deposit

In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property.

The deposit is non-refundable.

Buyer Fees

This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £6,000 + VAT (£7,200 inc VAT) This does not form part of the purchase price.

A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.

More Information

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

ONLINE AUCTION NOTICE

I hereby acknowledge and confirm the following:

My bid may be accepted by the seller at any time before the close of the auction. It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack.

If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.

Any amount payable at the close of the auction must be paid within 1 hour.

Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.

Each auction will automatically stay open until there has not been a bid within the final 10 minutes. If no bid has been submitted within the final 10 minutes of the auction, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last-minute (or second) bidding and makes for a fairer auction as in a live-room auction situation.

Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity.

The auctioneer is not responsible for any tech issues, power outage or error messages which hampers or eliminates an individual's opportunity to bid.

It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. It is therefore beneficial to bid on your chosen lot at your earliest opportunity.

The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice.

Minimum online bidding increments:
£50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £750,000 - £2,500 minimum bid
£750,001 to £1.5 Million - £5,000 minimum bid
£1.5 Million Plus - £10,000 minimum bid

Please note this bidding process applies specifically to online auctions.

More Information is available:

For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk

Please log in to view and download the legal pack files.

Heating supply: Gas
Electricity supply: National Grid
Water supply: Direct mains water
Sewerage supply: Standard UK domestic

Construction

Construction materials: Brick and block

Building Safety

Property at particular risk of floods and/or erosion: No
Has flooded in last five years: No
Has flood defences: No
Has planning permission or proposals for development that will affect property: No
Is on a coalfield or mining area: No

Rights and Restrictions

Is listed building: No
Is conservation area: No
Has public right of way: No
Has accessibility adaptations: No
Has restrictions: No

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