3 bed terraced house to buy in DN32
Harold Street, Grimsby, Lincoln, Lincolnshire, DN32 7NQ
Online auction
- Being Sold via Secure Sale Online Bidding. Terms & Conditions apply.
- Three Bedrooms
- Terraced House
- Sold subject to existing tenancy
- Current rent £360pcm / £4,320pa
- Potential rent circa £600pcm once modernised
- Potential reversionary yield of 18%
3 bed terraced house to buy in DN32
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.
Summary
- Property Type: Terraced House
- Bedrooms: 3
- Receptions: 2
- Tenure: Freehold
- Heating: Gas
- Parking: On Street
Floor Plan 1
This property is being sold subject to unconditional reservation fee auction terms and conditions.
Timescales
Contracts will exchange immediately. There are 28 days in which to complete the purchase.
Legal Pack
A legal pack is available to download. Special conditions may apply.
We strongly recommend buyers familiarise themselves with the legal pack prior to bidding.
Deposit
In order to secure the purchase a buyer will pay a deposit of 5% which contributes towards the overall purchase price of the property.
The deposit is non-refundable.
Buyer Fees
This property is sold subject to a non-refundable reservation fee of 5% + VAT to a minimum of £6,000 + VAT (£7,200 inc VAT) This does not form part of the purchase price.
A reservation fee is payable by the buyer where a seller has opted to sell with no fees. As a result, a lower reserve price is usually agreed on lots where a reservation fee is applicable.
More Information
For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk
ONLINE AUCTION NOTICE
I hereby acknowledge and confirm the following:
My bid may be accepted by the seller at any time before the close of the auction. It is subject to the terms and conditions of the auction which I have read and understood. I have read and understood the legal pack applicable to my bid/lot and agree to be bound by any special conditions within that pack.
If my bid is successful (whether as the highest bid or upon acceptance by the seller in the course of the auction) I shall be bound by the lot terms and conditions as advertised online.
Any amount payable at the close of the auction must be paid within 1 hour.
Please note that the bidding process will work in a different way to an eBay auction, so there is NO advantage to bidding at the last second.
Each auction will automatically stay open until there has not been a bid within the final 10 minutes. If no bid has been submitted within the final 10 minutes of the auction, the auction will close and the highest bidder will be successful subject to the reserve price being met or upon acceptance of an offer by the seller throughout the auction cycle. If there is another bid within 10 minutes of the last bid, the auction countdown timer will be restarted for another 10 minutes to allow further bidding. This system avoids last-minute (or second) bidding and makes for a fairer auction as in a live-room auction situation.
Please bid in good time before the end of the auction, delaying your bid to the last seconds may disadvantage you if your connection slows or you lose internet connectivity.
The auctioneer is not responsible for any tech issues, power outage or error messages which hampers or eliminates an individual's opportunity to bid.
It is the bidder's responsibility to ensure the bid has been lodged with the auctioneer. It is therefore beneficial to bid on your chosen lot at your earliest opportunity.
The auctioneer accepts no responsibility for bids that are not received or are received late and reserves the right to reject any bid without notice.
Minimum online bidding increments:
£50,000 - £250 minimum bid
£50,001 to £150,000 - £500 minimum bid
£150,001 to £250,000 - £1,000 minimum bid
£250,001 to £750,000 - £2,500 minimum bid
£750,001 to £1.5 Million - £5,000 minimum bid
£1.5 Million Plus - £10,000 minimum bid
Please note this bidding process applies specifically to online auctions.
More Information is available:
For more information call our auction experts on 0191 206 9335 or email auctions@pattinson.co.uk
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