21 Bargate, Grimsby, South Humberside

Description

Grimsby rear maisonette. Vacant leasehold self-contained flat with a private rear garden and GIA approximately 52 sq m (560 sq ft).

Accommodation

Ground floor: kitchen, utility room and bathroom. First floor: reception room and bedroom.

Location

Situated on the east side of Bargate, to the south of its junction with Grosvenor Street. Shops and facilities are available nearby to the north in central Grimsby. Grimsby Town station is 0.3 miles to the north east. Bargate (A1243) leads onto the A46 and A16. Bargate route bus stop is opposite the property, providing services for all major Grimsby routes. People's Park is within easy reach.

Tenure / Property Information

Investment Analysis

The strongest evidence is the supplied completed sale of the same property, 21 Bargate, at £80,000 on 12 April 2024. Other completed sales at 17 Bargate range from £36,000 to £110,000, showing substantial variation and limiting comparability. A base GDV of £80,000 is therefore used, with £80,000 as a cautious low scenario and £110,000 as an upper evidence-supported scenario. The 55-year lease remaining is a material valuation and mortgageability risk, and no lease-extension cost is supplied.

Investment Snapshot

Strategy Recommendation

Investigate the lease, service charges, condition and resale/mortgageability before bidding. Proceed only if the lease risk and all acquisition and remedial costs are satisfactorily quantified.

Works Required

No specific defects or refurbishment requirements are evidenced. Obtain a full inspection and establish the cost and implications of the 55-year lease, including any lease-extension requirement, before bidding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the £30,000 guide, 75% of the £80,000 base GDV would be £60,000 before considering refurbishment, purchase costs, finance, lease-extension costs or refinancing criteria. Cash required and equity outcome cannot be calculated because works and buyer costs are not supplied. The short lease is a key refinance risk.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is provided. The £50 annual ground rent is known, but service charges, insurance, management, financing and other costs are not supplied. The 55-year lease may also restrict lender and tenant demand.

Flip Analysis

A simple resale spread cannot be reliably calculated because refurbishment, acquisition, selling and lease-related costs are unknown. The £80,000 same-property sale supports the base GDV, but the wider Bargate evidence ranges from £36,000 to £110,000, indicating material valuation uncertainty.

Investor Risks & Due Diligence

• Only 55 years remain on the lease.

• Lease-extension cost and terms are not supplied.

• No rental evidence is available, so BTL yield cannot be established.

• No condition survey or refurbishment cost is provided.

• Buyer, administration, selling, finance, service-charge and other third-party costs are unknown.

• Completed comparable results on Bargate vary materially from £36,000 to £110,000.

Recommendation

Investigate the lease, service charges, condition and resale/mortgageability before bidding. Proceed only if the lease risk and all acquisition and remedial costs are satisfactorily quantified.

Strategy Rating

Analysis Confidence

There is a completed sale for the exact property and several nearby completed sales, but rental evidence, condition, service charges, buyer costs and lease-extension costs are absent; the comparable results also vary materially.