Grimsby | Investment Property for Sale | VES-DN31-002

Opportunity to purchase 29-unit block in Grimsby with the potential to generate 10.1% gross yield

£1,619,855

29-unit Block

VES-DN31-002

INITIAL INVESTMENT

£484,059

Based on

deposit: £404,964

stamp duty: £48,596

mortgage fees: £1,500

conveyancing fees: £29,000

GROSS RENT

£163,200

GROSS YIELD

10.1%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

29

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

16,558

PRICE SQ FT

£98

Please note that this is an off-market opportunity that is available to qualified buyers only.

Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.

Opportunity to acquire a permitted development scheme for a 29-unit apartment block, with freehold, in Grimsby, Lincolnshire.

The scheme has plans for 29 apartments spread over three floors, broken down as follows:

  • 12x 1-bed apartments (468-516 sqft)
  • 17x 2-bed apartments (568-682 sqft)

The apartments have 1-bathroom, open plan lounge/dining areas, separate utility room and storage room and allocated parking. The total net internal area is 16,558 sqft.

The 1-bed apartments are expected to generate rent of £425 pcm and the 2-bed apartments are estimated to generate rent of £500 pcm, resulting in an aggregate estimated rental value of £13,600 pcm (£163,200 pa). These rental estimates are based on estimates which the vendor believes to be achievable.

The developers are currently onsite with an estimated build time of around 9 months.

Grimsby is a large coastal English seaport and administrative centre in North East Lincolnshire, on the South Bank of the Humber Estuary, close to where it reaches the North Sea.

Grimsby has one of the largest concentrations of food manufacturing, storage and distribution in Europe with thousands of people employed by around 500 food-related businesses. Major companies thriving here include Associated British Ports, Findus Group and Young’s Seafood, Country Style Foods, Hain Daniels Group, Morrisons, Icelandic Seachill and the Humberford Seafood Institute. Grimsby is also known as a renewable energy centre due to its proximity to the largest cluster of offshore wind farms in Europe, which are based in the Southern North Sea. This has helped to bring around 1,500 jobs to the area, mostly in turbine servicing and maintenance.

Grimsby is undergoing a radical transformation as part of a 25-year vision for the town, including the recently completed £6 million town centre regeneration project, key developments on the docks and new leisure developments in the town centre.

The property is located in the West Marsh suburb of Grimsby. It is situated around 5 minutes drive or 20 minutes walk from Grimsby Town railway station and the town centre. It is a 2 minutes drive to the A180 which merges with the M180 to the west acting as a link to the national motorway network towards Doncaster, or providing direct access to the famous Grimsby docks to the east. 14 miles (20 minutes drive) to the west of Grimsby is Humberside Airport, which mainly caters for charter holidays.

Vendor is seeking offers in the region of £1,619,855.

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.

Point of reference - not exact location,

Grimsby,

North East Lincolnshire,

England,

DN31 1AA

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