Summary - Flat, 199, Grimsby Road, CLEETHORPES DN35 7HB
1 bed 1 bath Commercial Property
Income-producing roadside asset with refurbishment upside for investors.
- Total area approx. 168.4 sqm (1,813 sq ft)
- Current total income £13,476 pa (10.62% net initial yield)
- Ground-floor hair salon let £4,650 pa until 24.09.2028
- Two flats let on ASTs: £3,600 pa and £5,196 pa
- Freehold subject to existing leases and tenancies
- 20th-century building with exterior damage; needs refurbishment
- Medium flood risk and above-average local crime levels
- Small plot size; limited scope for rear extension
A compact mixed-use freehold on Grimsby Road offering immediate rental income and near-term yield. The building comprises ground-floor retail alongside two self-contained flats, all let with a combined annual income of £13,476 and an advertised net initial yield of 10.62%.
The retail unit (hair salon) is secured by a lease until 24.09.2028. Two residential units are let on assured shorthold tenancies, providing stable cashflow. The first-floor flat benefits from a courtyard/garden area, while the ground-floor flat gives easy access for tenants.
Physically the property is a 20th-century mid-terraced brick building with a pitched tiled roof. It shows signs of wear and some exterior damage and will require refurbishment to maximise rent or reconfigure for higher-value use. There is medium flood risk, above-average local crime levels and a small plot size to consider when planning upgrades.
Well suited to an investor or portfolio buyer seeking an income-producing roadside asset with short-term upside from refurbishment or lease re-gearing. The property can be sold individually or as part of a wider Grimsby Road mixed-use portfolio.
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