3 bed terraced house for sale

Harold Street, Grimsby DN32

Summary

Calling all landlords and investors.

This traditional three-bedroom mid-terrace property is being sold by auction with a starting bid price of 40,000 and is offered subject to an existing tenancy currently producing 360 per calendar month, equivalent to 4,320 per annum and a gross yield of 10.8% based on the guide starting bid.

The property would benefit from a programme of improvement and modernisation, offering scope to enhance both its condition and rental return over time. Rents for modernised properties in this area are typically in the region of 600 per calendar month, which would equate to 7,200 per annum and a potential reversionary gross yield of 18% based on the starting bid price.
The existing rent has not been increased for some time, and there may be potential for an uplift in the current rental income, although works would likely be required to achieve the maximum market rent.

The accommodation comprises an entrance hall, living room, sitting room, kitchen, rear lobby and bathroom to the ground floor. To the first floor, there is a landing and three bedrooms. Externally, the property has a rear garden.

An excellent opportunity for landlords seeking an income-producing investment with scope for improvement and future rental growth.

Ground Floor

Entrance Hall

With uPVC double glazed entrance door. Stairs to first floor accommodation.

Living Room

3.36m x 2.88m

With laminate flooring. Radiator and uPVC double glazed window unit.

Sitting Room

4.27m x 2.97m

With coving, laminate flooring and radiator.

Kitchen

3.37m x 2.32m

With tiled floor and fitted with a range of wall and base units incorporating a sink unit with drainer and mixer tap, having electric point for cooker. Plumbing for washing machine. Gas central heating boiler. UPVC double glazed window unit.

Rear Entrance Lobby

With tiled floor and uPVC double glazed entrance door.

Bathroom

Fitted with a white three piece suite comprising panelled bath, pedestal basin and low-flush w.c. Radiator and uPVC double glazed window unit.

First Floor

Landing

Bedroom 1

3.8m into chimney recess x 3.36m - With radiator and uPVC double glazed window unit.

Bedroom 2

4.29m x 2.2m

With radiator and uPVC double glazed window unit.

Bedroom 3

3.27m x 2.32m

With radiator and uPVC double glazed window unit.

Gardens

The property has gardens to the front and rear.
Note


The property is currently let at 360 per calendar month. The property is not managed by Jackson, Green and Preston Estate Agents.

Selective Licensing

This property has been identified as being within a Selective Licensing area. Whilst every endeavour has been made to ensure this information is correct, landlords are advised to contact North East Lincolnshire Council to confirm the position and to ensure compliance with any applicable regulations.

Council Tax Band: A
Tenure: Freehold

Auctioneers Additional Comments

Pattinson Auction are referred to as The Auctioneer. This auction lot is being sold by either conditional (Modern) or unconditional (Traditional) auction terms and overseen by The Auctioneer. The method of auction sale and the applicable terms and conditions are found on the lot page of this property on The Auctioneers website. The property is available to view strictly by appointment only via any Marketing Agent or The Auctioneer. Please be aware that any enquiry, bid or viewing of the subject property will require your details to be shared between any marketing agent and The Auctioneer so that matters can be dealt with effectively. The property is being sold via a transparent online auction. To submit a bid, all bidders must adhere to a verification of identity process in line with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.

Auctioneers Additional Comments

The advertised price is commonly referred to as a Starting Bid or Guide Price and is accompanied by a Reserve Price. The Reserve Price is confidential to the seller and The Auctioneer and will typically be within a range above or below 10% of the Guide Price or Starting Bid. These prices are subject to change. An auction can be closed at any time, with The Auctioneer permitting the property (the lot) to be sold prior to the end of the auction. A Legal Pack associated with this property is available to view upon request and contains details relevant to the legal documentation, enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers obligations and sellers commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments

In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price. The deposit will form part of the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum fee which could be up to 7,200 inc VAT) is also payable upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price, and consideration should be given by the purchaser to any Stamp Duty Land Tax liability associated with the overall purchase costs. Both the Marketing Agent and The Auctioneer may consider it necessary or beneficial to pass customer details to third-party service suppliers, from whom a referral fee may be received. There is no requirement or obligation to use any recommended suppliers or services.