Top-floor one-bedroom apartment, approximately 461 sq ft
A top-floor one-bedroom apartment in central Skegness offered at auction with a low guide price — attractive to investors seeking a high-yield, low-entry purchase. The flat previously let for £550pcm (£6,600pa), presenting clear rental income potential or short-term holiday-let opportunity given the seaside location and proximity to beach and promenade.
The accommodation is compact (approximately 461 sq ft) with open-plan living, double glazing and electric heating via boiler and radiators. Service charge and ground rent are modest (£119.90 last service-charge year; ground rent £200 pa). Council Tax Band A keeps running costs low. The property is vacant on completion, simplifying immediate re-letting or refurbishment work.
Be mindful of material drawbacks: the building sits in a very high-crime, very deprived area and the EPC is rated E. Walls are solid brick with assumed no added insulation, so heating costs could be higher than modern builds. The sale is by auction with additional fees (administration and buyer’s premium each £1,200 inc VAT payable on exchange) and a possible combined annual charge noted as £250; purchasers must review the legal pack.
There is a recorded address discrepancy after building restructuring (registered as 7a but now known as 11a). Prospective buyers should obtain legal advice and carry out their own searches and surveys. For investors prepared to manage location-related risks and carry out targeted improvement, this apartment could deliver a strong yield for a modest capital outlay.
