Property Description

This substantial detached building, located near the seafront in Skegness, is divided into 8 x 1 bedroom self contained flats over three floors. The building is currently generating an income of around £37,140 per annum with 5 flats currently let, two advertised as let agreed, and one advertised as to let on Rightmove. Although some of the tenants are longer standing and paying £475/£550pcm, the new rents are now at £580/£600pcm with potential to generate between £55,000-£57,000 per annum and yield in excess of 20%, based on the guide price. Each flat comprises living kitchen, bedroom and shower room and six of the flats have access to a parking space at the front or rear of the building. Located one street back from the seafront the property is close to the Boating Lake, amusements, supermarkets and is just one mile south east of Skegness train station. Ground Floor: Flat One Kitchen Living Area 10ft 10 x 13ft 5 Bedroom 10 ft 10 x 10 ft 10 Bathroom Flat Two Kitchen Living Area 13 ft 5 x 9ft 9 Bedroom 8ft 2 x 13ft Bathroom Flat Three Kitchen Living Area 16ft 3 x 12ft 3 Bedroom 8ft 2 x 13ft 1 Bathroom First Floor: Flat Four Kitchen Living Area 16ft 5 x 12ft 3 Bedroom 9ft 2 x 14ft 1 Bathroom Flat Five Kitchen 9ft x 5ft 10 Lounge with balcony 10ft 7 x 13ft 7 Bedroom 10ft 6 x 10ft 6 Bathroom Flat Six Kitchen Living Area 10ft 10 x 13ft 5 Bedroom 10ft 10 x 10ft 10 Bathroom Second Floor: Flat Seven Kitchen 5 ft 11 x 7ft 10 Lounge 9ft 6 x 10ft 10 Bedroom 10ft 8 x 10ft 7 Bathroom Flat Eight Kitchen Living Area 10ft 10 x 9ft 9 Bedroom 10ft 10 x 10ft 6 Bathroom Car Parking Rear Parking - 1 space available for flats 3 and 4. Front Parking - 1 space available for flats 5, 6, 7 and 8.

Flood Risk

Rivers and Seas Low. Surface Water Low.

Mobile Phone Coverage

O2, EE, Three and Vodafone are available.

Broadband (estimated speeds)

Standard 15 mbps. Superfast 80 mbps. Ultrafast 1100 mbps.

Satellite and Cable TV Availability

BT and Sky are available.

Note

Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.

Draft Sales Details

These sales details are awaiting vendor approval.

Tenure

Freehold

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