5 & 7 Guildhall Street, Folkestone, Kent, CT20 1EA

Description

A Pair of Mid Terrace Buildings Arranged to Provide a Lower Ground and Ground Floor Double Fronted Shop Let for £11,500 Per Annum and 2 x Vacant First, Second and Third Floor Three Bedroom Split Level Flats. Offered with Planning Permission to Convert the Upper Floors to Four Flats (1 x One Bedroom, 3 x Two Bedrooms) (Works have Commenced).

Accommodation

The property comprises a pair of terraced buildings arranged to provide a lower ground and ground floor double fronted shop and 2 x first, second and third floor three bedroom split level flats.

Location

The property is situated on a pedestrianised road close to local shops and amenities. Nearby multiples include Card Factory, Waterstone's and Thomas Cook. The open spaces of Folkestone Beach are within easy reach. Transport links are provided by Folkestone Central rail station.

Tenure / Property Information

Investment Analysis

The guide is £280,000+, plus an £1,800 administration charge and potentially further legal, search, transfer and seller-cost reimbursements. Supplied Guildhall Street sales range from £172,400 to £226,000, but comparability to this mixed-use property with two flats and development potential is unestablished. No supported GDV is available.

Investment Snapshot

Strategy Recommendation

Proceed only after reviewing the planning and legal packs, confirming the remaining conversion cost and obtaining evidence-based GDV and flat rents. Do not rely on the shop rent alone.

Works Required

Works have commenced under planning permission to convert the two upper-floor flats into four flats: one one-bedroom and three two-bedroom units. The evidence does not state the remaining scope, specification or cost of works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed because GDV, remaining conversion costs, completed accommodation values and flat rents are unsupported. Refinance proceeds and cash left in are therefore unavailable.

Buy-to-Let Analysis

The shop provides stated rent of £958.33 pcm (£11,499.96 annually). The two flats are vacant and no sufficiently specific rental evidence is supplied, so whole-property rental income and yield cannot be established. The shop-only gross yield on the £280,000 guide is approximately 4.11%, before fees and costs.

Flip Analysis

A flip appraisal cannot be supported. The property has planning permission and works have commenced, but no works budget, completed GDV or selling allowance is supplied. The available comparables are not sufficiently specific to establish a resale value.

Investor Risks & Due Diligence

• Unknown remaining cost and scope of the conversion works.

• Two flats are currently vacant and no rental evidence is supplied for them.

• Further legal, search, transfer and seller-cost reimbursements may be payable.

• The shop lease commenced in 2016 and is holding over; updated lease and occupational terms require verification.

• Available sold comparables are not sufficiently specific to value this larger mixed-use property.

Recommendation

Proceed only after reviewing the planning and legal packs, confirming the remaining conversion cost and obtaining evidence-based GDV and flat rents. Do not rely on the shop rent alone.

Strategy Rating

Analysis Confidence

The guide, tenure, shop rent, planning status and some local sales evidence are supplied, but there is no reliable GDV, flat rental evidence, works budget or complete fee schedule.