149 High Street, Herne Bay, Kent, CT6 5AQ

Description

Freehold mid-terrace building arranged as a ground-floor retail unit with ancillary accommodation to the first floor. The property benefits from a rear yard. Possible potential for redevelopment, subject to obtaining all necessary consents. Investment. By Order of the LPA Receivers.

Accommodation

First Floor: Two rooms, believed to be used as bedrooms, and Bathroom/WC. Ground Floor: Retail area and Kitchen. Outside: Rear yard. Gross Internal Area approximately 97 sq m (1,044 sq ft).

Location

Situated on High Street, Herne Bay, between its junctions with William Street and Bank Street. Public transport links include Herne Bay Mainline Railway Station and local bus services. Road links include the A299 Thanet Way and A291. Shopping amenities are available locally within Herne Bay town centre, with further shops, bars and restaurants in Canterbury City Centre. Recreational facilities include Herne Bay Beach, Memorial Park and the seafront gardens.

Tenure / Property Information

Investment Analysis

The £115,000 guide is the only current pricing evidence supplied. The £140,000 comparable at 151A High Street completed in October 2013 and is not sufficiently recent or directly comparable to establish current market value. The property is believed let on a commercial lease, but rent, lease terms and enforceability have not been verified. A supported GDV cannot be established.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the special conditions, verifying the commercial lease and rent position, confirming use and redevelopment constraints, and obtaining current valuation and condition advice. Do not rely on the guide as a supported investment value.

Works Required

No specific defects or required works are evidenced. Verify the condition of the retail accommodation, first-floor rooms, bathroom/WC, kitchen, heating, EPC implications and rear yard. Any redevelopment would be subject to obtaining all necessary consents.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be supported without a verified purchase valuation, rent, lease position, refurbishment budget and refinance valuation. The stated £1,800 buyer administration charge is known, but potential additional seller fees are unspecified.

Buy-to-Let Analysis

BTL analysis cannot be completed because no sufficiently specific rental evidence or auctioneer rent estimate is supplied. The first floor is described as ancillary accommodation and the building is believed subject to a commercial lease, so residential letting assumptions should not be made. Confirm the lease, passing rent, use rights and vacant possession position.

Flip Analysis

A flip appraisal cannot be established. The only supplied comparable is a 2013 sale of a different property, while no current GDV, refurbishment cost or selling-cost allowance is available. Potential redevelopment is expressly subject to consents.

Investor Risks & Due Diligence

• The property is believed subject to a 15-year commercial lease, but the lease and rent position are not verified.

• Receivers are not currently collecting rent, creating uncertainty over income, arrears and tenant status.

• No sufficiently specific rental comparable or auctioneer rent estimate is supplied.

• Potential redevelopment is subject to obtaining all necessary consents.

• Additional seller fees may be payable under the Special Conditions of Sale but are unspecified.

• Heating and parking information require confirmation.

• EPC rating is E.

Recommendation

Proceed only after reviewing the special conditions, verifying the commercial lease and rent position, confirming use and redevelopment constraints, and obtaining current valuation and condition advice. Do not rely on the guide as a supported investment value.

Strategy Rating

Analysis Confidence

Current valuation, rental evidence, refurbishment costs, lease documentation, additional fees and redevelopment information are materially incomplete. The available comparable is historic and for a different property.