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13 Cross Street, Skegness PE25 3RH
Marketed by:
Auction House Lincolnshire
124 Trinity St, Gainsborough DN21 1JD, UK
01427 616436
Tenanted 3 Bed Terrace Producing £9,000pa
13 Cross Street, Skegness PE25 3RH
Unsold
£40,000+
Key Features
Tenanted 3 Bed Terrace Producing £9,000pa
Guide price £40,000+
Located at 13 Cross Street, Skegness PE25 3RH
Suggested strategy: Buy-to-Let
Description
Traditionally constructed terrace in central Skegness, sold with an ongoing tenancy at £750 pcm / £9,000 per annum.
Location
The property is in 13 Cross Street. The investment case should be checked against local transport, amenities, employment and tenant-demand drivers before bidding.
Investment Analysis
Investment Snapshot
Guide Price | £40,000+ |
Tenure | Refer to auction particulars / legal pack |
Condition | HB: refurbishment / due-diligence allowance assumed |
HB Estimated Market Rent | £750–£750 pcm |
HB Estimated Annual Rent | £9,000–£9,000 pa |
Refurbishment / Works Budget | HB indicative £30,000–£51,000 |
Purchase + Works | £70,000–£91,000 |
HB Indicative GDV / Value | £145,000–£205,000 |
Gross Yield on Guide | 22.5%–22.5% |
Gross Yield on Project Cost | 9.9%–12.9% |
Suggested Strategy | Buy-to-Let |
Strategy Recommendation
Buy-to-Let. The low auction guide provides potential headroom, but the maximum bid should be tested against condition, legal-pack liabilities, achievable rent and local comparable evidence.
Works Required
Obtain a full survey and contractor quotations. Budget for property-specific repairs, compliance works, services testing, decoration and any kitchen/bathroom or common-parts upgrades identified on inspection.
Rental & Market Context
HB indicative rent: £750–£750 pcm (£9,000–£9,000 pa). This is an HB estimate, not an auctioneer-quoted rent, unless an existing tenancy is specifically stated above.
Sold within approximately 5 miles
Reliable sold-comparable evidence should be checked against Land Registry data before setting a maximum bid; no unverified comparable addresses or prices have been inserted.
Potential BRRR Position
Illustrative 75% refinance on the HB indicative value range is approximately £108,750–£153,750. Actual refinance depends on lender valuation, rent stress testing, property type, condition and borrower circumstances.
Flip Analysis
Indicative gross spread before transaction and finance costs is approximately £54,000–£135,000. This is not profit and excludes SDLT, auction/legal fees, finance, holding costs, professional fees, selling costs, tax and contingency.
Investor Risks & Due Diligence
Review the legal pack, title, special conditions, buyer fees, completion period, survey, services, EPC, planning/building regulations, finance and local rental/sold evidence. For leasehold property also verify lease length, ground rent, service charge and major works.
Recommendation
Initial recommendation: Buy-to-Let. Proceed only after verifying the legal pack, physical condition, total acquisition costs and local market evidence.
Strategy Rating
Buy-to-Let: ★★★★☆ | BRRR: ★★★☆☆ | Flip: ★★★☆☆
Auction Details :
Auction House Lincolnshire
Auction Date :
07/09/26
Lot Number :
Property Location:
13 Cross Street, Skegness PE25 3RH
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