Property Description
The property is offered with a guide price of £55,000, making it an attractive proposition for investors seeking strong yields from day one.
Step Inside
The residential accommodation is arranged as a well proportioned three bedroom flat, currently let on an assured shorthold tenancy at £400 per calendar month. The flat offers generous living space, including a sizeable lounge, fitted kitchen with dining area, three bedrooms and a family bathroom. The layout is practical and well suited to family or shared occupancy, contributing to consistent tenant demand.
In addition to the flat, the property benefits from a store room / commercial premises, located beneath the main accommodation, which is let separately on a shorthold tenancy agreement at £300 per calendar month. This additional income stream enhances the overall return and adds flexibility for future use, subject to any necessary consents.
Combined, the property currently generates a total rental income of £700 per calendar month, providing an excellent return relative to the guide price.
Location
Situated on Frodingham Road, a well established and busy area of Scunthorpe, the property enjoys a prominent position with easy access to local shops, amenities and public transport links. The location is popular with tenants due to its proximity to the town centre, schools and employment opportunities, helping to support ongoing rental demand.
This property is for sale by Modern Method of Auction allowing the buyer and seller to complete within a 56 Day Reservation Period. Interested parties’ personal data will be shared with the Auctioneer (iamsold Ltd).
If considering a mortgage, inspect and consider the property carefully with your lender before bidding. A Buyer Information Pack is provided, which you must view before bidding. The buyer is responsible for the Pack fee. For the most recent information on the Buyer Information Pack fee, please contact the iamsold team.
The buyer signs a Reservation Agreement and makes payment of a Non-Refundable Reservation Fee of 4.5% of the purchase price inc VAT, subject to a minimum of £6,600 inc. VAT. This Fee is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. The Fee is considered within calculations for stamp duty.
Services may be recommended by the Agent/Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £960 inc. VAT. These services are optional.
TO VIEW OR MAKE A BID – Contact DDM Residential
