Addlethorpe Mill, Mill Lane, Skegness, Lincolnshire

Description

A unique opportunity to acquire this commercial premises consisting of warehouses, stores, office, shop/retail space, parking/yard area and the Mill. Historically, the property ran as a country store, with its own manufacturing area producing their own feeds. There is the potential to develop the site further, subject to necessary planning permissions and consents. Built to replace a post mill circa 1830, this tall tower Mill worked by wind until 1944 and the Mill is split across 3 floors. The property is approximately 3 miles from Ingoldmells beach and is near pubs, restaurants, entertainment facilities and B&Bs. The property is suited for continued commercial use, including retail premises, manufacturing or hospitality, subject to relevant permissions.

Accommodation

A range of commercial buildings consisting of the Grade II listed Mill, warehouses, stores, office, shop/retail space and yard/parking.

Location

Approximately 3 miles from Ingoldmells beach, with an array of amenities including pubs, restaurants, entertainment facilities and B&Bs.

Tenure / Property Information

Investment Analysis

The guide is £185,000. The strongest evidence is a previous sale of Addlethorpe Mill itself at £205,000 in November 2021. Nearby Mill Lane sales range from £194,500 to £225,000 for detached properties, with one higher £570,000 sale classified as other. These are not sufficiently comparable commercial transactions, and the current condition, income potential and planning position are not evidenced. A cautious evidence-based GDV range is £185,000–£225,000, with £205,000 as the base case, subject to commercial valuation and inspection.

Investment Snapshot

Strategy Recommendation

Treat as a specialist commercial or owner-occupier acquisition only after reviewing the legal pack, obtaining a commercial valuation, inspecting the buildings and confirming listed-building and planning constraints. Do not rely on residential comparables or bid solely from the guide price.

Works Required

No specific repair or refurbishment works are evidenced. Obtain a full building survey, services assessment and specialist advice for the Grade II listed mill before budgeting works. Any alteration, change of use or further development would require the relevant permissions and consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably. The indicative 75% refinance of the £205,000 base GDV is £153,750, but works, finance costs, commercial rental income and total acquisition cost are unknown. Listed-building and planning consents may affect the refinance strategy.

Buy-to-Let Analysis

BTL analysis cannot be established because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The property is described as vacant commercial premises rather than a supported residential letting opportunity.

Flip Analysis

A flip appraisal cannot be established because refurbishment costs, selling costs and a sufficiently comparable commercial resale value are not evidenced. The historic £205,000 sale of the same property provides useful context but is dated and does not establish current resale value.

Investor Risks & Due Diligence

• Grade II listed status may restrict alterations, use changes and development.

• Potential further development is expressly subject to planning permissions and other consents.

• No sufficiently specific rental evidence or passing income is supplied.

• Building condition, services, heating and parking details are not provided.

• Commercially comparable completed sales are limited; most supplied comparables are residential or otherwise classified.

• The seller may require an additional contribution towards costs under the special conditions.

• The £1,800 inclusive-of-VAT contract documentation charge is payable in addition to the purchase price.

Recommendation

Treat as a specialist commercial or owner-occupier acquisition only after reviewing the legal pack, obtaining a commercial valuation, inspecting the buildings and confirming listed-building and planning constraints. Do not rely on residential comparables or bid solely from the guide price.

Strategy Rating

Analysis Confidence

There is a historic sale of the same property and several nearby sales, but there is no commercial rental evidence, condition report, refurbishment budget, current commercial valuation, EPC, operating information or confirmed planning position.