Flat 2, Guernsey Court, Robin Hood Road, Skegness

Description

A wonderful opportunity to acquire this ‘ready to go’ buy to let investment, being a well proportioned ground floor flat, currently let at £475 pcm (£5700 per annum), and thus being of appeal to the investment market, offering a strong yield.

Accommodation

Ground Floor: Entrance Hallway, Living Room, Kitchen, Bathroom, Bedroom.

Location

The property is situated within Guernsey Court, Skegness, on Robin Hood Road, close to central Skegness, the main railway station and hospital. Skegness offers a wide range of facilities and amenities, along with access to the sea front and promenade.

Tenure / Property Information

Investment Analysis

Same-block completed sales range from £45,000 in February 2026 to £75,000 in August 2024. A £60,000 base GDV is a cautious midpoint estimate, subject to the shorter lease, tenancy and legal-pack details.

Investment Snapshot

Strategy Recommendation

Pursue primarily as a tenanted BTL, subject to legal-pack review, tenancy verification, lease valuation and confirmation of service charges and ground rent.

Works Required

No refurbishment works are evidenced; the property is described as ready to go. Verify condition, EPC requirements, lease, service charge, ground rent and tenancy documentation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using a £60,000 base GDV, 75% refinance equates to £45,000. Against estimated acquisition costs of £38,600, this could theoretically return approximately £6,400 more than the stated purchase and known charges, before finance, tax and other costs. Actual refinancing depends heavily on the approximately 63-year lease, lender criteria and legal-pack details.

Buy-to-Let Analysis

At the £35,000 midpoint guide, the stated £475 pcm rent produces £5,700 annually and a 16.29% gross yield before costs. Including the known £3,600 buyer premium and admin charge, the gross yield is 14.77%. The £575 pcm figure is advertised asking-rent evidence, not achieved rent.

Flip Analysis

Base GDV of £60,000 less the £38,600 purchase and known-cost estimate indicates £21,400 before selling costs, finance, tax and any refurbishment. A reliable flip surplus cannot be established because selling costs and full project costs are unsupported.

Investor Risks & Due Diligence

• Lease commenced in 1990 for 99 years, creating a materially shortened remaining term.

• Existing tenancy agreement requires review, including rent, compliance and possession position.

• Current EPC rating is E and any improvement requirements are not evidenced.

• Service charges, ground rent, disbursements, transfer fees and other legal-pack costs are unknown.

• Comparable sale prices vary materially from £45,000 to £75,000.

Recommendation

Pursue primarily as a tenanted BTL, subject to legal-pack review, tenancy verification, lease valuation and confirmation of service charges and ground rent.

Strategy Rating

Analysis Confidence

There is same-block sales evidence and stated passing rent, but no service-charge, ground-rent, tenancy, condition, legal-pack or full lease-cost information.