Flat 1, 129 Victoria Street, Gillingham, Kent ME7 1EL

Description

The property requires refurbishment.

Accommodation

Ground Floor: Sitting room, kitchen / breakfast room, bedroom, bathroom. Outside: Parking space, shared garden.

Location

The flat is situated in a popular residential area, close to Gillingham High Street, Gillingham Station 0.2 miles.

Tenure / Property Information

Investment Analysis

The only recent supplied comparable is the same address, recorded at £150,000 in July 2022. This supports a provisional base GDV of £150,000, but it is dated, provides no condition detail, and the flat now has 63 years unexpired on the lease. No supported low/high GDV range can be established. The auctioneer's £850 pcm rent is an estimate, not achieved rent, and no sufficiently specific rental comparables were supplied.

Investment Snapshot

Strategy Recommendation

Proceed only subject to satisfactory legal-pack and survey findings, especially the 63-year lease and unknown refurbishment scope. The headline BTL yield is attractive, but the deal should not be underwritten from the auctioneer rent alone.

Works Required

Refurbishment is required, but the supplied evidence does not identify the scope, specification or condition of individual elements. Obtain a survey and legal-pack review before pricing works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

Using the provisional £150,000 GDV, 75% of GDV equates to £112,500. However, refurbishment cost, total acquisition cost, finance costs and any lease-related requirements are unavailable, so cash left in and refinance viability cannot be reliably calculated.

Buy-to-Let Analysis

At the auctioneer's estimated rent of £850 pcm, annual gross rent is £10,200 and the gross yield on the £65,000 guide is approximately 15.69%. A yield on total project cost cannot be established because refurbishment costs and any additional special-condition fees are unknown. The 63-year lease may also affect lending and resale, subject to legal review.

Flip Analysis

The supplied same-address 2022 sale supports a provisional £150,000 resale benchmark. A flip surplus cannot be calculated because refurbishment costs, selling costs and any additional auction fees are unknown. The 63-year lease is a material resale and valuation consideration.

Investor Risks & Due Diligence

• Only 63 years remain on the lease, with extension terms and costs not supplied.

• Refurbishment is required but no scope or cost estimate is available.

• The £850 pcm rent is an auctioneer estimate rather than achieved rent, and no specific rental comparables were identified.

• The £150,000 comparable is a single, dated same-address sale from July 2022.

• Buyer premium is subject to a £3,600 minimum, and additional Special Conditions fees may apply.

• Mortgageability, service charge, ground rent and other lease terms are not supplied.

Recommendation

Proceed only subject to satisfactory legal-pack and survey findings, especially the 63-year lease and unknown refurbishment scope. The headline BTL yield is attractive, but the deal should not be underwritten from the auctioneer rent alone.

Strategy Rating

Analysis Confidence

A same-address completed sale and an auctioneer rent estimate are available, but the evidence lacks refurbishment costs, rental comparables, lease terms beyond expiry, condition detail, and special-condition fees.