Summary - 5 VERNON ROAD SKEGNESS PE25 2QR
5 bed 5 bath Block of Apartments
Central Skegness block with strong current income and refurbishment upside.
- Five self‑contained one‑bed flats producing £22,848 pa (9.3% yield)
- Central Skegness location; walking distance to amenities
- No upper chain; currently fully let (tenant notice required)
- EPC ratings D and E; scope to improve energy efficiency
- Heating: individual electric/room heaters (higher running costs)
- Timber‑frame Victorian build; needs modernization to maximise value
- Small overall internal size (approx. 356 sq ft total)
- Area is deprived with above‑average crime statistics
An established five-flat conversion in the heart of Skegness, this semi‑detached Victorian property is arranged as five one‑bed self‑contained flats producing a verified rental income of £22,848 pa (approx. 9.3% yield at the asking price). The block is centrally located within walking distance of shops, transport links and local amenities, with front and rear gravel garden areas and no upper chain — ready for an investor to step in. Viewings require notice for existing tenants.
Practical details: the building has up‑to‑date electrical checks and meets current fire safety standards. Heating is by individual electric/room heaters and glazing is double‑glazed (install dates unknown). Energy performance is mixed (D and E) and council tax bands are very low (Band A), which helps tenant affordability but indicates scope for improvement in efficiency and running costs.
The structure is a period timber‑frame Victorian build with added insulation; it retains character but will benefit from modernization to maximise rents and long‑term capital growth. Key negatives to consider are the property’s small overall internal floor area, its location within a deprived area with above‑average crime statistics, and the reliance on electric heating which can mean higher ongoing energy costs for tenants.
This is a hands‑on investment suited to buyers seeking immediate rental income with the potential to uplift value through selective refurbishment and energy upgrades. Compliance checks are in place, but budget for modernization and energy efficiency improvements when assessing returns.
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