- Secure Sale online bidding with a starting bid of £170,000
- Three freehold properties comprising four individual dwellings
- Two three-bedroom terraced houses and two one-bedroom flats
- Fully tenanted and currently producing £22,140 per annum
- Current gross rental yield of approximately 13.0%
- Existing rents are understood not to have been increased
- Potential rental income of £26,400 per annum and gross yield of approximately 15.5%
- Japanese knotweed treatment plan quotation of £2,800 for 189 Hainton Avenue
1 Bedroom Terraced House for sale in Grimsby
1
BEING SOLD BY SECURE SALE ONLINE BIDDING. Terms and Conditions apply. STARTING BID £170,000
An excellent opportunity for investors to acquire a fully tenanted residential portfolio comprising three freehold properties and four individual dwellings, offered for sale as a single lot by auction with a starting bid of £170,000.
The portfolio comprises two three-bedroom terraced houses at 357 and 367 Weelsby Street, together with a substantial property at 189 Hainton Avenue which has been divided to provide two self-contained one-bedroom flats. The properties occupy established residential locations within Grimsby, conveniently placed for local shops, schools, amenities, public transport links and the town centre.
357 Weelsby Street, registered under Freehold Title HS263278, is a three-bedroom terraced house currently let at £475 per calendar month. The tenancy is presently subject to rent arrears, although Universal Credit payments of £395 per month are paid directly to the managing agent, with the remaining balance payable by the tenant.
367 Weelsby Street, registered under Freehold Title HS308699, provides a further three-bedroom terraced house. The property is currently let at £520 per calendar month and the rental account is understood to be up to date.
189 Hainton Avenue, registered under Freehold Title HS59121, has been divided into two self-contained one-bedroom flats. Both flats are described as being in good general condition and are currently let at £425 per calendar month each, with both rental accounts understood to be up to date. Japanese knotweed has been identified at this property and a quotation of £2,800 has been obtained for a treatment plan, with further information to be made available within the auction legal pack.
The existing rents are understood not to have been reviewed or increased recently and therefore offer potential for future rental growth. It is estimated that, in their present location and condition, the Weelsby Street houses could each command a rent in the region of £600 per calendar month, while the flats at 189 Hainton Avenue could each achieve approximately £500 per calendar month. Subject to the terms of the existing tenancies, the appropriate statutory procedures and prevailing market conditions, this would provide a potential combined rental income of approximately £2,200 per calendar month or £26,400 per annum.
The portfolio currently generates a combined passing rent of £1,845 per calendar month, equivalent to £22,140 per annum, representing a gross yield of approximately 13.0% against the starting bid. If the estimated rental values were achieved, the potential gross yield would increase to approximately 15.5%.
Prospective purchasers should satisfy themselves regarding the tenancy documentation, rental accounts, estimated rental values, condition of the properties, status of the flat conversion and proposed Japanese knotweed treatment plan by inspecting the auction legal pack before bidding.
Important Information
- This is a Freehold property.
- This Council Tax band for this property is: A
- EPC Rating is D
Property Ref: GRS260945
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Jackson Green & Preston (Grimsby)
19 West Saint Marys Gate, Grimsby, Lincolnshire, DN31 1LE
01472 311 113
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