Basement Flat, 7 Richmond Street, Herne Bay, Kent, CT6 5LR

Description

Leasehold basement flat. Due to the poor condition, no internal viewings will be conducted.

Accommodation

One bedroom, reception room, kitchen, bathroom/wc

Location

Located on Richmond Street. Shopping amenities are available locally within Herne Bay Town Centre. Public transport links are available at Herne Bay Train Station to the south west and via local bus services. Road links include the A2990 and A299 to the south. Recreational pursuits are available at Memorial Park to the south.

Tenure / Property Information

Investment Analysis

The supplied sold evidence ranges from £99,000 to £121,250, including a £106,000 sale at 5 Richmond Street in November 2022 and a £121,250 sale recorded at 7 Richmond Street in 2010. However, the comparables are not sufficiently specific to confirm they relate to this one-bedroom basement flat, and the property is described as being in poor condition with no internal viewing available. A reliable post-works GDV cannot therefore be established.

Investment Snapshot

Strategy Recommendation

Do not bid on the available evidence alone. Proceed only after reviewing the legal pack, confirming all leasehold charges and seller fees, and obtaining an internal or suitably protected condition assessment. Any bid should be based on a fully costed refurbishment and verified GDV.

Works Required

Obtain a full internal inspection and building survey before bidding. The scope and cost of works cannot be specified from the available evidence because the flat is in poor condition and internal viewings are unavailable. Confirm the condition of the accommodation, services, heating, kitchen, bathroom and any building-related obligations before proceeding.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR analysis is not supportable because the refurbishment budget, achievable rent and post-works GDV are unknown. The long stated lease term of approximately 150 years is positive in duration, but service charge, ground rent, building condition and other lease terms require confirmation.

Buy-to-Let Analysis

BTL viability cannot be established because no sufficiently specific rental comparable or auctioneer rent estimate is provided. Service charge, ground rent and other leasehold costs are also unknown. The known buyer cost is the £1,800 inclusive-of-VAT contract documentation fee, with possible additional seller fees.

Flip Analysis

A flip surplus cannot be quantified. Although supplied sales provide broad local/address evidence of £99,000 to £121,250, the comparables are dated or insufficiently specific, while the required refurbishment cost and resale allowance are unknown. The known £1,800 documentation fee and any applicable seller fees must be included in a full appraisal.

Investor Risks & Due Diligence

• No internal viewing is available despite the property being described as in poor condition.

• Refurbishment scope and cost are unknown.

• No sufficiently specific rental evidence or auctioneer rent estimate is provided.

• Annual service charge and ground rent are unknown, including review and increase provisions.

• The council tax position is unclear, being stated as both to be advised and deleted.

• Heating and parking arrangements are unknown.

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

• EPC rating is E.

• Supplied comparables are dated and/or may relate to different flats or units.

Recommendation

Do not bid on the available evidence alone. Proceed only after reviewing the legal pack, confirming all leasehold charges and seller fees, and obtaining an internal or suitably protected condition assessment. Any bid should be based on a fully costed refurbishment and verified GDV.

Strategy Rating

Analysis Confidence

The evidence includes some sold comparables and lease information, but there is no internal viewing, no refurbishment cost, no rental evidence, no confirmed service charge or ground rent, and no sufficiently specific current comparable for this flat.