Mixed Use
A mixed use investment opportunity comprising four x one bedroom flats over first and second floors, along with two commercial units, offering a current gross income of £54,300 per annum with scope to increase.
The accommodation comprises:
7 Lumley Road
Commercial unit held on a lease for a period of 6 years from 1st April 2021 at a rent of £17,500 per annum.
9 Lumley Road
Commercial unit held on a lease to SENSE for a period of 5 years from 3rd April 2022 at a rent of £16,000 per annum.
Each flat is held on an AST for a period of 6 months as follows;
Flat 2 – From 13th December 2023 at £100 per week.
Flat 4 – From 9th June 2023 at £400 every 4 weeks in advance.
Flat 7 – From 25th November 2023 at £100 per week.
Flat 9 – From 1st July 2023 at £100 per week.
7 and 9 Lumley Road is located in an excellent position within the main shopping area on Skegness busy Lumley Road.
There is a car park to the rear and several outbuildings. Please see legal pack for more information.
Skegness is the principal Lincolnshire coastal resort with a resident population of around 20,000 persons, increasing substantially in the summer months with the influx of holiday makers and day visitors. It lies some 40 miles east and south of Lincoln and Grimsby respectively, with main communication links via the A52 and A158 roads as well as a regional rail service to Grantham and Nottingham.
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.
Rivers and Seas Low. Surface Water High.
O2, EE, Three and Vodafone are available.
Standard 19 mbps. Superfast 96 mbps.
BT and Sky are available.
These sales details are awaiting vendor approval.
Freehold. Subject to tenancy.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold under an Unconditional sale type.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fees apply:
• 5% deposit (subject to a minimum of £5,000)
• Buyers Fee of 2.4% of the purchase price inc. VAT.
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
