Summary - FLAT 2, 47, MARKET STREET, CLEETHORPES DN35 8LY
1 bed 1 bath Retail Property (high street)
Freehold high-street investment with trading restaurant and two vacant flats to let..
Freehold mixed-use Victorian terrace on Market Street, Cleethorpes
Ground-floor restaurant currently producing rental income (£1,200 pcm)
Two one-bedroom flats (previously achieving £1,150 pcm) sold vacant on completion
Estimated full-let income circa £28,200pa; attractive gross initial yield potential
Located in a very deprived area with high local crime — affects demand/risk
Solid brick construction with internal insulation; double glazing and gas central heating
Short-term refurbishment/letting costs likely for the vacant flats
Small plot and traditional layout; typical maintenance needs for period building
A freehold, mixed-use Victorian terrace on Market Street, Cleethorpes, presented as a compact high-street investment. The ground-floor is a trading restaurant currently producing rental income; two one-bedroom flats above offer immediate re-letting potential once vacant at completion. The building's period façade, solid brick construction and central location support long-term tenant demand from local retail and leisure footfall.
Financially, the property is positioned for an investor seeking an income-producing asset with scope to increase returns. At full occupancy the asset is estimated to generate circa £28,200 per year (gross), reflecting an attractive initial yield for the area. The freehold tenure removes leasehold complications and gives control over future letting and capital improvements.
Buyers should note material local and property factors: the wider area is classified as very deprived with high local crime levels, which can affect lettings and long-term capital growth. The two flats will be sold vacant on completion, so short-term management and marketing costs will be required to re-let. The building dates from the early 20th century and, while double glazed and with gas central heating, may require ongoing maintenance typical of period stock.
This is a sensible purchase for an investor comfortable working in high-street locations with active local retail turnover and willing to manage re-letting and basic refurbishment. The property suits a portfolio buyer seeking yield from a prominent town-centre freehold with straightforward income upside once the upper flats are let.
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