214 Wellington Street, Grimsby, DN32 7JN

Description

A wonderful opportunity to acquire mid terrace house, offering scope for both the investment and development market. The property offers excellent scope to add value, and in this area of high rental demand, offers significant opportunity for redevelopment into potentially HMO use (Subject to planning being granted) – potential to generate in excess of £20,000 per annum, or between £7200 and £7800 per annum as a single let. Internal viewing to appreciate the size and scope highly recommended.

Accommodation

Ground Floor: Entrance Hallway; Lounge - 4.27 x 3.51 Max; Dining Room - 3.98 x 3.00; Kitchen - 4.78 x 2.83; Snug/Playroom - 2.87 x 3.45. First Floor: Bedroom 1 - 4.63 x 3.64; Bedroom 2 - 3.99 x 3.04; Bedroom 3 - 2.91 x 2.86; Family Bathroom. Outside: To the front is a small buffer garden, and to the rear is an enclosed garden planted with mature shrubs and fruit trees.

Location

The property is conveniently located on the popular and central Wellington Street, Grimsby, giving excellent access to the town centre and its wide range of facilities and amenities. Grimsby itself is well located for access to the sea front, Cleethorpes and City of Hull, along with M180 road network.

Tenure / Property Information

Investment Analysis

Nearby completed sales range from £30,000 to £75,000. The closest apparent upper comparables at 211 and 221 Wellington Street sold for £70,000 and £75,000, while other sales were lower. A £70,000 base GDV is supportable, but condition and required works are not evidenced.

Investment Snapshot

Strategy Recommendation

Investigate as a single-let BTL or value-add project, subject to inspection, legal-pack review and confirmation of works. Treat HMO potential as speculative pending planning.

Works Required

Internal viewing and professional inspection are required. The evidence confirms scope for improvement or potential HMO conversion, but does not identify specific defects or works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A low purchase price relative to nearby completed sales may support a BRRR strategy, with potential refinance at approximately £52,500 using a £70,000 GDV. However, refurbishment costs, finance costs and lender valuation criteria are unknown, so cash left in cannot be calculated.

Buy-to-Let Analysis

At the £25,000 guide, the auctioneer's lower single-let estimate of £7,200 per annum implies a 28.8% gross yield before fees, works, voids and management. Rental listings are lower at £565–£600 pcm and are asking rents only. Actual net yield cannot be established without works and full costs.

Flip Analysis

A £70,000 base GDV is supported by nearby sales, with a £44,000–£75,000 evidence range. Flip profitability cannot be calculated because works, selling costs and other acquisition costs are not fully evidenced.

Investor Risks & Due Diligence

• Required refurbishment and repair costs are not evidenced.

• HMO use is subject to planning and is not assured.

• Rental listings are advertised asking rents, not achieved rents.

• Buyer fees, disbursements and other legal-pack costs are not fully quantified.

• Comparable sale prices vary materially from £30,000 to £75,000.

Recommendation

Investigate as a single-let BTL or value-add project, subject to inspection, legal-pack review and confirmation of works. Treat HMO potential as speculative pending planning.

Strategy Rating

Analysis Confidence

There are several nearby completed sales and rental indications, but condition, refurbishment costs, full fees and HMO planning status are unknown.