Grimsby, DN31 2DW | Investment Property for Sale | VES-DN31-001

Opportunity to purchase a 3-unit block in Grimsby with planning permission granted for a 7-bed HMO

Offers in region of

£95,000

3-unit block

VES-DN31-001

INITIAL INVESTMENT

£31,100

Based on

deposit: £23,750

stamp duty: £2,850

mortgage fees: £1,500

conveyancing fees: £3,000

GROSS RENT

£12,600

GROSS YIELD

13.3%

ADD TO FAVOURITES

Sold STC

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The block

TENURE

Freehold

NO OF UNITS

3

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

1,451

PRICE SQ FT

£65

Block information

  • Comprising of 3 x 1-bed flats
  • Flat 1 & 2 share a communal entrance at the front
  • Flat 3 is accessible via the back
  • Off-road parking at the back for two cars
  • EPC ratings C & D

Development potential

  • Planning permission granted for a 7-bed HMO including parking/bike shed at the back
  • Vendor can provide a quote from local HMO specialist builder to convert property or to redecorate the existing layout
  • See the floorplan section for the existing and approved layout; a full-size A3 version can be provided upon request

Rental information

  • Previously each flat was let for £350 pcm

Redecorated and cleaned:

  • Each flat could be let for £410 - £425 pcm
  • Total potential rental income £15,300 pa

Converted to a 7-bed HMO:

  • Each room could be let for around £110 pw; £476.67 pcm
  • Total potential rental income £40,040 pa

Location information

  • The property is about 10 minutes walk from the city centre
  • Grimsby Town railway station is 0.4 miles away

Note

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Grimsby

Grimsby is a large coastal and seaport town in North East Lincolnshire in the north east of England. It is situated on the South Bank of the Humber Estuary close to where it connects to the North Sea, just 28.6 miles east of Scunthorpe and 34.2 miles north-east of Lincoln.

This area is serviced by Grimsby Town railway station which is managed by TransPennine Express. On weekdays TransPennine Express operates an hourly service between Cleethorpes and Manchester Airport via Sheffield and Manchester Piccadilly. Additional local services are operated by Northern from Cleethorpes to Baron-On-Humber and East Midlands Trains’ services from Lincoln to Newark on roughly a one every two-hour basis.

The Grimsby-Cleethorpes region acts as the primary shopping, cultural and industrial centre for a large section of northern and eastern Lincolnshire. Grimsby centre is home to the majority of high street shopping opportunities and the pedestrianised Victoria Street leads up to the indoor Freshney Place shopping centre to the north. Freshney Place employs over 2,000 people across 100 stores that are visited by around 14 million shoppers every year. Other than the nightlife in nearby Cleethorpes, the town centre has undergone extensive refurbishment in the last decade. Redevelopment has taken place in many national pubs and an insurgence of restaurants serving cuisine from across the globe has emerged in recent years.

The main sectors of employment in Grimsby’s economy are ports and logistics, food processing (especially frozen foods and fish processing), chemicals and process industries and digital media. Grimsby is currently home to around 500 food-related companies, making it one of the largest centres of food manufacturing, research, storage and distribution in Europe, and unsurprisingly 70% of the UK’s fish processing takes place here. Grimsby is also beginning to develop itself as the renewable energy centre of the UK and generates more electricity from solar, wind, biomass and landfill gas than anywhere else in England. Offshore wind farms just off the coast have brought in around 1,500 jobs to the local area. Other big employers that are constantly recruiting in the area include Freezertech Ltd, William Jackson Food Group, New England Seafood International, J D Wetherspoon and Morrisons manufacturing.

There are several schooling options in the local area making this a prime location for young families. For those looking for educational institutions for children in secondary school there is Havelock Academy and Oasis Academy Wintringham both offer mixed-sex teaching including sixth form.

Cromwell Road,

Grimsby,

North East Lincolnshire,

England,

DN31 2DW

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