Summary - 32 GRIMSBY ROAD CLEETHORPES DN35 7AB
7 bed 7 bath Terraced
Seven renovated flats with long-term contracted income and immediate cashflow.
Freehold block of seven one-bed flats generating £38,320pa gross
A substantial Victorian mid-terrace converted into seven self-contained one-bedroom flats, sold with full freehold and producing a gross income of £38,320 per year. Five units are let to MEARS Ltd under Ministry of Justice arrangements for five years, providing long-term contracted income; two units are privately let, giving income diversity. The block has been recently renovated with new heating, double glazing and well-appointed interiors throughout, and benefits from high ceilings and bay-window character on a prominent town road.
This is an auction sale with associated fees: an administration fee of £1,800 (inc. VAT) on exchange and a buyer’s premium of 1.2% (inc. VAT) payable on exchange. The property is sold subject to existing tenancies; purchasers must review the legal pack and tenancy details. On-street parking only; the rear yard offers limited external space. Broadband speeds are reported slow locally, though mobile signal is excellent.
Location is convenient for Cleethorpes town centre, the promenade and the train station with direct links to regional cities. The immediate area is described as a constrained renters, transitional Eastern European neighbourhood with high crime levels and very high deprivation — factors that affect management and resale prospects. Flood risk is low and council tax is Band A.
Suitable for investors seeking high current yield and secure contracted income, this block offers predictable cashflow but requires active management given the neighbourhood profile and tenant mix. Prospective buyers should inspect the legal pack, verify services and factor auction fees and ongoing management costs into offers.
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