7-9 High Street, Gillingham, Dorset

Description

Town centre property with lapsed consent for three dwellings. Located in the Dorset village of Gillingham, the freehold building had consent, now lapsed, for conversion to residential accommodation. The consent enabled conversion to form three two-bedroom units.

Accommodation

Existing accommodation: 7 High Street comprises a main retail area, rear store rooms, kitchenette and toilets. First floor, accessed via the stairs in number 9, comprises living room, kitchen, bedroom, bathroom and separate cloakroom with W.C. 9 High Street comprises a main retail area and stairs to the rear to the first floor. First floor comprises landing, two bedrooms and hallway through to number 7. Outside is a rear garden with outbuildings and store rooms. Proposed accommodation: Unit 1 comprises a ground floor entrance hall with stairs to the first floor, living room/kitchen, cloakroom with W.C., two bedrooms and bathroom with W.C. Units 2 and 3 each comprise a ground floor living room, kitchen, dining room and cloakroom with W.C., and a first floor with two bedrooms and bathroom with W.C. Extensive rear gardens with patio and lawn space are proposed.

Location

Located in the picturesque Dorset village of Gillingham, within a stone's throw of the bridge which features in a painting by John Constable.

Tenure / Property Information

Investment Analysis

The £145,000–£155,000 guide is not independently supportable as a market value from the supplied evidence. The five Land Registry comparables are completed freehold sales recorded as “Other” and do not establish the value of the proposed three residential units. No residential comparables, current planning consent, floor areas, refurbishment budget or formal valuation are supplied. The consent for conversion has lapsed, so residential GDV cannot be reliably calculated.

Investment Snapshot

Strategy Recommendation

Treat as a potential conversion project rather than an income purchase. Do not bid on the supplied evidence alone; first verify planning or obtain consent, commission a measured survey and cost plan, and obtain supported residential GDV and rental evidence.

Works Required

Potential conversion of the existing retail and upper-floor accommodation into three proposed two-bedroom residential units, including the described kitchens, bathrooms, cloakrooms, internal layouts, rear gardens and associated external works. The planning position must be re-established because the previous consent has lapsed. No cost plan or building survey is supplied.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR strategy cannot be underwritten because the residential consent has lapsed, residential GDV and rents are unsupported, and refurbishment costs are unavailable. Refinance at 75% of GDV cannot be calculated. Planning, valuation, construction and exit evidence would be required before bidding.

Buy-to-Let Analysis

The only rental evidence is an advertised commercial asking rent of £1,167 pcm in SP8, not a passing rent and not confirmed as applicable to this property. If achieved, annual rent would be £14,004, equating to approximately 9.04%–9.66% against the £155,000–£145,000 guide range, or 9.34% against the £150,000 midpoint. This excludes voids, operating costs, finance, taxes and auction fees. Residential rental income cannot be established from the supplied evidence.

Flip Analysis

A flip appraisal cannot be calculated. The supplied completed sales are commercial/other freehold comparables rather than evidence for three converted residential units, while no supported GDV, works cost or selling allowance is available. The lapsed consent is a material planning and delivery uncertainty.

Investor Risks & Due Diligence

• The previous consent for three residential units has lapsed and the likelihood of renewed consent is unconfirmed.

• No residential GDV evidence or residential rental evidence is supplied.

• No refurbishment, conversion or compliance cost estimate is supplied.

• The commercial rent is an advertised asking rent in SP8 and is not confirmed as achievable or property-specific.

• An administration fee and other non-optional fees may be payable, but amounts are not stated.

• The supplied comparables are recorded as “Other” and do not establish the value of the proposed residential conversion.

Recommendation

Treat as a potential conversion project rather than an income purchase. Do not bid on the supplied evidence alone; first verify planning or obtain consent, commission a measured survey and cost plan, and obtain supported residential GDV and rental evidence.

Strategy Rating

Analysis Confidence

The listing provides existing and proposed accommodation and guide pricing, but lacks current planning consent, floor areas, residential comparables, residential rents, refurbishment costs, EPC, operating costs and stated auction fees.