19 Dudley Street, Grimsby, North East Lincolnshire

Description

A Vacant Semi Detached Building Arranged to Provide Three Flats. Offered With Planning Permission to Convert the Property into 7 x One Bedroom Flats. The property comprises a semi detached building arranged to provide three flats over ground and two upper floors.

Accommodation

Ground Floor: Flat - Not Inspected. First Floor: Flat - Not Inspected. Second Floor: Flat - Not Inspected.

Location

The property is situated on a residential road close to local shops and amenities. The open spaces of Capes Recreation Ground are within easy reach. Transport links are provided by Grimsby Town rail station.

Tenure / Property Information

Investment Analysis

The £110,000+ guide is below the supplied same-street completed sales of £144,500 and £195,000, but a £98,000 2025 sale also exists. These comparables are not sufficient to value a seven-flat scheme, particularly as the property was not inspected and conversion costs are unknown. No reliable GDV can therefore be established.

Investment Snapshot

Strategy Recommendation

Treat as a conditional conversion opportunity rather than an underwritten investment. Bid only after confirming planning details, legal disbursements, conversion scope, costs and achievable rents.

Works Required

Conversion from three existing flats into seven one-bedroom flats in accordance with the stated planning permission. Internal condition, services, compliance works and construction scope are unknown because the property was not inspected.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Potentially attractive on the stated rent, but BRRR viability cannot be underwritten because GDV, conversion costs, property condition, compliance requirements and refinance valuation are unsupported. Proceed only after reviewing planning and legal documentation and obtaining build and valuation advice.

Buy-to-Let Analysis

The auctioneer estimates gross rent of £42,000 per annum (£3,500 pcm), implying a 38.18% gross yield against the £110,000 guide. This is only a vendor estimate, with no external rental evidence, and net yield cannot be calculated without works, finance and operating costs.

Flip Analysis

A flip or scheme conversion cannot be quantified. No reliable GDV or refurbishment allowance is available, and additional auction disbursements may apply. The supplied sales evidence is insufficient to establish resale value for seven flats.

Investor Risks & Due Diligence

• Property and existing flats were not inspected.

• Seven-flat conversion costs and condition are unknown.

• Planning permission details, conditions and compliance requirements are not supplied.

• The £42,000 rent is an auctioneer/vendor estimate rather than achieved rent.

• Additional disbursements, searches, seller costs, legal fees and transfer fees may be payable.

• Supplied comparable sales do not directly establish the value of a seven-flat scheme.

Recommendation

Treat as a conditional conversion opportunity rather than an underwritten investment. Bid only after confirming planning details, legal disbursements, conversion scope, costs and achievable rents.

Strategy Rating

Analysis Confidence

The guide, tenure, occupancy, planning statement and vendor rent estimate are supplied, but the property was not inspected and there is no reliable GDV, works budget, external rental evidence or complete fee schedule.