Ground Floor, 25 Grafton Street, Grimsby

Description

A ground floor flat benefiting from uPVC double glazing, central heating and versatile accommodation throughout. The property is currently occupied by a tenant at £460pcm (£5520 per annum).

Accommodation

Ground Floor: Lounge; Kitchen; Bathroom; Bedroom 1; Bedroom 2 / Second Lounge. Outside: Garden.

Location

Situated on Grafton Street, Grimsby, a popular and central area of this north east Lincolnshire market and port town. The town centre is within close proximity, offering a wide range of retail and leisure facilities and amenities. Grimsby is well positioned for access to the M180 road network.

Tenure / Property Information

Investment Analysis

Four same-street leasehold flat/maisonette sales from 2004–2007 range from £31,000 to £36,500. A £32,875 midpoint is used only as a dated evidence-based GDV proxy, not a current valuation. The tenant currently pays £460pcm; the auctioneer states market rents exceed £500pcm.

Investment Snapshot

Strategy Recommendation

Potential high-yield BTL or BRRR subject to satisfactory legal-pack, leasehold and tenancy due diligence; do not rely on the historical GDV proxy for bidding.

Works Required

No specific refurbishment defects or works are evidenced. Inspect the property and legal pack, including lease terms, ground rent, service charge and tenancy documentation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the dated comparable midpoint as a GDV proxy, 75% refinancing equates to £24,656.25. Against the £8,600 guide plus known admin charge, this indicates substantial theoretical capital release, but the GDV evidence is very old and lease, lender and tenancy criteria remain unverified.

Buy-to-Let Analysis

At the existing rent of £460pcm, gross income is £5,520 annually, producing 110.4% on the £5,000 guide or 64.19% on the guide plus the known £3,600 admin charge. These figures exclude disbursements, finance, tax, maintenance, management, voids and leasehold costs. The market-rent statement exceeds £500pcm but provides no upper figure.

Flip Analysis

A historical comparable-based GDV proxy of £32,875 is materially above the £8,600 guide plus known admin charge. A reliable flip surplus cannot be calculated because selling costs, legal-pack disbursements, finance costs and refurbishment costs are unsupported.

Investor Risks & Due Diligence

• Very dated comparable evidence may not represent current value.

• Lease terms, ground rent and service charge are unconfirmed.

• Possession is subject to the existing tenancy agreement.

• Additional disbursements and purchaser costs may apply.

• Property condition and refurbishment requirements are not evidenced.

• Yield calculations exclude operating, finance and taxation costs.

Recommendation

Potential high-yield BTL or BRRR subject to satisfactory legal-pack, leasehold and tenancy due diligence; do not rely on the historical GDV proxy for bidding.

Strategy Rating

Analysis Confidence

The tenancy and known admin charge are clear, but comparable sales are 19–22 years old, market rent has no upper figure, and leasehold costs, disbursements and condition are unquantified.