47 Grimsby Road, Cleethorpes, South Humberside, DN35 7AQ

Description

Mixed-use investment property in a prominent position on Grimsby Road, comprising two ground floor retail units and two separately accessed flats to the upper parts. The property offers asset management potential through refurbishment, re-letting or lease restructuring, subject to any necessary consents.

Accommodation

Two ground floor retail units and two self-contained flats to the upper floors. Residential rents: 47B at £80 weekly (£4,160 per annum) and 47C at £400 per calendar month (£4,800 per annum). Commercial rents: Tattoo unit at £5,100 per annum and 47A, occupied by a tail lift parts company, at £4,000 per annum.

Location

Highly visible position on the bustling Grimsby Road, one of Cleethorpes' principal commercial thoroughfares, within a popular local parade. The surrounding area includes independent retailers, national occupiers, cafés, takeaways and local services. Cleethorpes is a coastal town in Lincolnshire with local amenities, a seafront promenade and transport links including the A180 and Cleethorpes and Grimsby Town railway stations.

Tenure / Property Information

Investment Analysis

The property is fully let and produces stated gross annual income of £18,060 (£1,505 pcm) across two flats and two retail units. No completed-sale comparables, external rental comparables or formal valuation evidence were supplied, so GDV and market value cannot be reliably estimated. The auction guide is inconsistent, being stated as both £148,000 and £129,000. On the lower stated guide of £129,000, the gross income yield is approximately 14.0%; at £148,000 it is approximately 12.2%, before buyer premium, other costs, finance, maintenance, voids and management.

Investment Snapshot

Strategy Recommendation

Consider only as an income-led mixed-use hold, subject to confirming the correct guide, inspecting the property, reviewing all leases and verifying the legal pack. Do not rely on a refurbishment, BRRR or flip strategy without valuation and cost evidence.

Works Required

No specific defects or required works are evidenced. Potential asset management comprises refurbishment, re-letting or lease restructuring, subject to inspection, legal review and any necessary consents. No works allowance is supportable from the supplied evidence.

Rental & Market Context

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no refurbishment budget, completed-sale comparables, GDV, finance terms or detailed tenancy information are supplied. The existing income may support refinancing subject to lender treatment of the mixed-use property, leases, valuation and affordability, but no refinance figure can be calculated.

Buy-to-Let Analysis

The supplied fully-let rents total £18,060 per annum: £4,160 from 47B, £4,800 from 47C, £5,100 from the tattoo unit and £4,000 from 47A. This supports a gross yield of approximately 14.0% at the £129,000 stated guide or 12.2% at £148,000. Net yield cannot be established because operating costs, insurance, repairs, management, voids, tax and the buyer premium are not supplied. Lease terms and rent review details are also absent.

Flip Analysis

A flip appraisal is unsupported because there are no sales comparables, GDV, defined refurbishment scope or selling-cost allowance. The property is fully let, and the evidence does not establish a resale uplift or vacant-possession strategy.

Investor Risks & Due Diligence

• The listing states two different guide prices: £129,000 and £148,000.

• Buyer premium and any other applicable auction charges are not quantified.

• Lease terms, expiry dates, repairing obligations, rent review provisions and tenant covenant information are not supplied.

• The stated rents are not independently verified and no external rental comparables were identified.

• No operating costs, insurance, repairs, management, void or compliance costs are supplied.

• No condition survey, EPC information or quantified refurbishment scope is supplied.

• Any refurbishment, re-letting or lease restructuring may require consents and remains subject to legal and physical due diligence.

• No completed-sale comparables or formal valuation evidence were supplied.

Recommendation

Consider only as an income-led mixed-use hold, subject to confirming the correct guide, inspecting the property, reviewing all leases and verifying the legal pack. Do not rely on a refurbishment, BRRR or flip strategy without valuation and cost evidence.

Strategy Rating

Analysis Confidence

Current occupancy and four stated rents are provided, but guide-price inconsistency, absent lease details, unknown buyer premium and operating costs, and no comparable or condition evidence materially limit the appraisal.