Flat 8, 188 High Street, Margate, Kent

Description

Residential investment opportunity: vacant top floor studio apartment measuring 33 m² with partial sea views in an imposing building. This top floor studio apartment is located on the 8th floor, accessed via a communal staircase. The property benefits from a bright and spacious open plan living and sleeping space with kitchenette and good sized bathroom.

Accommodation

Open-plan living and sleeping area; kitchenette area with space for appliances; bathroom fitted with a bath

Location

Located on the High Street, the flat benefits from easy access to local shops, cafes, and transport links, making it ideal for a single professional or anyone seeking a coastal town lifestyle.

Tenure / Property Information

Investment Analysis

Indicative base GDV of 113000, based on the 2021 sale recorded at 188 High Street. This is uncertain because the comparable unit is not identified, the lease then had more years remaining, and recorded evidence ranges from 55000 to 190000 across the cited properties.

Investment Snapshot

Strategy Recommendation

Proceed only after verifying the 65-year lease, service charges, condition, fees and achievable studio rent. Do not rely on BTL, BRRR or flip returns until these are evidenced.

Works Required

No specific defects or refurbishment requirements are evidenced. Inspect the vacant studio, kitchenette, bathroom, communal areas, lease and statutory compliance before budgeting works.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

At the indicative 113000 GDV, 75% refinancing equates to 84750. Works, fees, finance costs, service charges and achievable rent are unknown, so cash left in and BRRR viability cannot be reliably calculated.

Buy-to-Let Analysis

BTL yield cannot be established. The only rental evidence is an advertised 650 pcm for a one-bedroom flat, not this studio, and no passing rent or operating costs are supplied.

Flip Analysis

A flip assessment is not reliable because refurbishment costs, selling costs and the unit comparability of the sales evidence are unsupported. The 113000 base GDV is indicative only.

Investor Risks & Due Diligence

• Only 65 years remain on the lease.

• The advertised 650 pcm rental evidence relates to a one-bedroom flat rather than this studio.

• The property is vacant and no achieved or passing rent is evidenced.

• Buyer, administration and other auction fees are unspecified.

• EPC is rated E.

• Comparable sale prices vary substantially and the relevant unit specifications are not supplied.

Recommendation

Proceed only after verifying the 65-year lease, service charges, condition, fees and achievable studio rent. Do not rely on BTL, BRRR or flip returns until these are evidenced.

Strategy Rating

Analysis Confidence

There is some same-address sales evidence, but comparable unit details, current valuation, lease costs, service charges, refurbishment requirements, fees and subject-specific rent are missing.