Summary - 231, Hainton Avenue, GRIMSBY DN32 9LD
1 bed 1 bath House
Large terrace holding with refurbishment upside and immediate rental income potential.
8 self-contained flats (6x1-bed, 2x2-bed) across three terraced houses
This combined holding comprises eight self-contained flats formed from three former Victorian terraced houses on Hainton Avenue, offered as a freehold investment. Six one-bedroom and two two-bedroom flats provide an existing rental base, with five units currently let producing £17,812 per annum. The block is a larger-than-average terrace footprint, with rear hard‑standing parking and small forecourts.
The flats are in mixed condition and require modernization to reach market rental standards; three units are vacant and need work. If refurbished and fully let the anticipated gross rent is around £23,400 per annum, equating to an estimated 8.5% yield at the current asking price. The building retains period character but shows external and internal wear consistent with limited maintenance.
Buyers should note the location is in a very deprived, high‑crime area with a transitional Eastern European neighbourhood classification and constrained rental market. These factors affect tenant selection, management overheads and potential void periods. Conversely, the property’s size, current income stream, and scope to add value through refurbishment present clear upside for landlords prepared to invest in works and active management.
This opportunity suits experienced investors seeking a renovation and income play rather than a hands-off buy. Ensure due diligence on compliance for multiple flats, expected refurbishment costs, and local rental demand before purchase.
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