A prime investment opportunity is set to go under the hammer in our upcoming auction on Wednesday, 26th March. The lot includes two distinct properties: 15 London Road, Spalding, and The Bungalow at 7 Orchard Street, available with a guide price of £499,000 (plus fees).
These properties present a unique opportunity for an investor searching for significant rental income or someone interested in making immediate profits by selling off individual units.
15 London Road
This impressive property dates back to the late 18th or early 19th century and forms part of the historic Welland Terrace, a collection of Grade II Listed buildings with views over the River Welland. Originally a family home, 15 London Road was converted into flats in the 1980s and now offers six spacious one-bedroom apartments. Four overlook the front of the building with river views, and two are formed from a rear extension. Each flat has an allocated parking space.
Three of the flats have been expertly refurbished, offering modern and stylish living while beautifully preserving the building's historic charm. The remaining three flats present an excellent opportunity to add value through modernisation.
Externally, the façade of the building has been carefully maintained, with all woodwork repaired, treated and painted.
This freehold property is currently fully let. Its historic character, modern refurbishment, and potential for improvement make it highly attractive for an investor or someone looking to create a standout living space.
The Bungalow at 7 Orchard Street
To the rear of 15 London Road is an appealing one-bedroom bungalow. Originally a workshop, this property was completely rebuilt in 2010 to meet high conservation standards. Constructed of durable brick with a classic slate roof, it boasts modern updates such as new windows and a new roof, ensuring peace of mind for years to come.
The bungalow also benefits from parking for two cars and an enclosed patio garden, ideal for relaxation. This property is a perfect purchase for those seeking a distinctive, low-maintenance investment.
Extensive earnings
The combined rental income potential of the properties is substantial, with an existing gross annual income of £57,600.
With that being said, there remains a significant value-add opportunity. Three of the six flats at 15 London Road could be modernised to significantly increase the rental value.
Additionally, there is exciting potential for further development on the property. Two of the larger flats could be split into four studio apartments, subject to obtaining the necessary planning permission. This transformation would not only increase the monthly rental income, but also the property's overall value.
Picturesque setting
15 London Road is ideally located in the heart of Spalding, a thriving market town in South Holland, Lincolnshire. Spalding offers a wealth of local amenities, including several major supermarkets, primary and secondary schools, and various pubs and restaurants. The town is also known for its vibrant market, which is held every Tuesday and Saturday, along with a monthly farmers' market.
Additionally, Spalding is well-connected, with road access via the A16, a bus station, and a railway station providing convenient links to Peterborough for commuters.
Rare opportunity
Gary Davison, Peterborough & West Norfolk Regional Manager, comments: “This is the first time these properties have come to market in over 50 years, making this an enticing opportunity that should not be overlooked. Whether viewed purely as an investment or as a commercial development project, this property has huge potential.”
If you’re keen to find out more or want to arrange a viewing, please call our Peterborough team on 01733 889833.
