Summary - FIRST FLOOR, 23 GRAFTON STREET DN32 7RW
1 bed 1 bath Apartment
Immediate income investment with low running costs and online auction sale.
10% gross yield at current price based on £400 PCM rent
Sitting tenant in place since November 2024, immediate income
Lease 77 years remaining — likely unmortgageable to many lenders
Sold at online Secure Sale auction; starting bid £30,000
Low annual service charge (£200) and Council Tax Band A
Gas central heating and uPVC double glazing installed
Front garden low-maintenance; compact 528 sq ft layout
Local area: very high crime and high deprivation — affects demand
This one-bedroom first-floor apartment on Grafton Street is offered as a ready-made buy-to-let with a sitting tenant and immediate income. The current tenant pays £400 PCM, giving a headline yield of about 10% at the asking/starting price, and the property is being sold via Secure Sale with immediate exchange possible.
Internally the flat is compact and sensibly laid out: communal entrance, first-floor landing, living room, kitchen, bedroom and shower room. Gas central heating and double glazing are fitted, and the front garden is low-maintenance. Service charge is modest at about £200 per year and council tax is Band A, keeping ongoing costs low.
There are important drawbacks to note. The lease has 77 years remaining, which is below the usual 80-year mortgage threshold — many lenders may refuse to lend. The area records very high crime and high deprivation locally, which will affect tenant demand and long-term capital growth. The building’s solid brick construction likely lacks wall insulation, so heating efficiency could be limited.
This is primarily suitable for an investor comfortable buying at auction and prepared to accept lease extension costs or a cash purchase. Viewings are recommended if you want a low-maintenance rental with immediate income, but check lease-extension options and local investment risks before bidding.
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