Garages Bright Road, Chatham, Kent

Description

A freehold site extending to 0.07 hectares (0.17 acres) and comprising 27 lock-up garages in five blocks, situated in an established residential area. It is understood that there is a clawback provision affecting this site which was contained in a previous sale of the property. Further details will be available in the legal pack.

Accommodation

Compound of 27 lock-up garages arranged in five blocks.

Location

Situated in an established residential area in Chatham, Kent.

Tenure / Property Information

Investment Analysis

The five completed sales are terraced-house comparables and do not provide reliable evidence of the market value of a freehold site containing 27 lock-up garages. No garage, investment, development or land comparables are supplied. GDV and a defensible maximum bid cannot therefore be established. The £165,000–£170,000 guide should not be treated as a supported valuation. The stated clawback provision requires review of the legal pack.

Investment Snapshot

Strategy Recommendation

Do not bid on yield alone. Consider only after legal-pack review confirms the clawback terms, inspection confirms condition, and local evidence validates achievable rents and resale value.

Works Required

No specific physical defects or condition issues are evidenced. Before purchase, inspect all five garage blocks and confirm the cost of any necessary repairs, security works, clearance, utilities or access works. Legal review of the clawback provision is essential.

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 no supported GDV, refurbishment budget, finance costs, or garage investment comparables are supplied. Refinance capacity cannot be calculated. The clawback provision and unknown fees may materially affect the strategy.

Buy-to-Let Analysis

Using the supplied £130 pcm advertised garage rent as a conditional assumption for each of the 27 garages gives £3,510 pcm and £42,120 annually. This implies approximately 24.78%–25.53% gross yield against the £170,000–£165,000 guide, or 25.15% at the guide midpoint. This is not a passing rent, achieved rent or subject-specific valuation, and occupancy, collection, expenses and voids are not evidenced.

Flip Analysis

A flip surplus cannot be calculated because no supported resale value for the garage site, development consent, refurbishment budget, selling costs or buyer costs are supplied. The residential comparables are not suitable evidence of the site's resale value.

Investor Risks & Due Diligence

• Clawback provision from the previous sale is not detailed and requires legal-pack review.

• The £130 pcm figure is an advertised asking rent rather than achieved or passing rent.

• The rent calculation assumes all 27 garages achieve £130 pcm, with no evidence of current occupancy, voids or arrears.

• No condition survey or repair budget is supplied.

• Administration, non-optional fees, VAT, Stamp Duty and Land Registry costs are unspecified.

• Terraced-house sold comparables are not directly comparable with the garage site.

• No planning, development or alternative-use evidence is supplied.

Recommendation

Do not bid on yield alone. Consider only after legal-pack review confirms the clawback terms, inspection confirms condition, and local evidence validates achievable rents and resale value.

Strategy Rating

Analysis Confidence

The evidence includes the guide, site description and one advertised garage rent, but lacks subject passing rent, condition information, garage comparables, GDV evidence, costs, fees and details of the clawback provision.