Summary - 7 Vernon Road, SKEGNESS PE25 2QR
6 bed 6 bath Block of Apartments
High-yield central Skegness block with immediate income and garden space.
Six self-contained one-bedroom flats producing £28,296pa (c.10.2% yield)
Freehold, chain-free; central Skegness location within walking distance of amenities
All flats occupied on short-term tenancy agreements; viewings require tenant notice
Electrical checks and fire safety up to date; EPCs currently D and E
Electric room heaters only; upgrading heating could cut running costs
Exterior neglected and internal modernisation/repairs required to maximise value
Front and rear gardens; semi-detached Victorian with 20th-century extension
Area classified as deprived with above-average crime — affects tenant profile
A substantial six-flat block in central Skegness offering immediate rental income and strong yield. Currently producing £28,296 per year (c.10.2% yield at asking price), the property is freehold, chain-free and arranged as six self-contained one-bedroom flats. All units are occupied on short-term tenancy agreements and the building has up-to-date electrical checks and fire-safety arrangements.
The building dates from the mid 20th century with a Victorian semi-detached form and some later extensions. Double glazing was installed post-2002. Heating is by individual electric room heaters; EPCs are in bands D and E. The exterior shows signs of neglect and the block will benefit from cosmetic refurbishment and general modernisation to improve long-term rental values and energy performance.
Positioned close to the town centre, the block is within walking distance of shops, transport links and local amenities, and includes small front and rear gardens. Broadband speeds and mobile signal are excellent, supporting short-term lets or serviced accommodation models. Note the local area is classified as deprived with above-average crime statistics, which influences tenant profiles and management requirements.
This is a clear yield-driven opportunity for an investor or portfolio buyer prepared to manage short-term lets and carry refurbishment works. Viewings require notice to allow tenant notification; consider capital expenditure to upgrade heating and communal appearance to enhance returns and letability.
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