Land at Miles Place, Rochester, Kent, ME1 2EP

Description

Freehold site of approximately 0.08 hectares (0.198 acres), formerly a petrol filling station and most recently used as a car park. The property benefits from Permission in Principle approval to build a minimum of 1 and a maximum of 7 residential dwellings with associated parking.

Location

The property is situated on the north side of Miles Place, to the west of its junction with Delce Road. The shops and amenities of Chatham High Street are less than a mile away to the north-east. Rochester and Chatham stations are both close by and provide regular Thameslink and Southeastern services into London's St Pancras and Victoria stations. City Way (A229) provides direct access onto the M2 motorway. Jackson's Field and Victoria Gardens are both close by.

Tenure / Property Information

Investment Analysis

The £185,000+ guide is for a 0.198-acre freehold development site with Permission in Principle for a minimum of 1 and maximum of 7 dwellings. A GDV cannot be supported from the supplied evidence because the approved dwelling mix, unit sizes, detailed layout and build specification are unavailable. The Delce Road comparables are historic sales of individual terraced houses and are not sufficiently comparable to value the development opportunity.

Investment Snapshot

Strategy Recommendation

Treat as a planning-led development opportunity only. Do not rely on the guide price as viable without confirming the detailed planning position, deliverable unit scheme, site constraints, contamination position and full development appraisal.

Works Required

Redevelopment of the vacant former petrol filling station/car park site for between 1 and 7 residential dwellings with associated parking, subject to obtaining and reviewing the necessary detailed planning consents. No reliable construction or remediation scope 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 from the evidence. The potential unit count ranges from 1 to 7, no detailed consent or build costs are provided, and no achievable rents or GDV are supported. Refinance value would depend on the completed scheme and lender treatment of the development.

Buy-to-Let Analysis

BTL analysis cannot be established. No dwelling specification, completed scheme, rent evidence or auctioneer rent estimate is supplied. The opportunity is a development site rather than an existing income-producing property.

Flip Analysis

A flip/development appraisal cannot be completed because there is no supported GDV, dwelling mix, build-cost allowance, professional-cost allowance, finance cost or selling-cost allowance. The supplied historic terraced-house sales do not provide a reliable resale valuation for the site.

Investor Risks & Due Diligence

• Permission in Principle allows a range of 1 to 7 dwellings, so the deliverable scheme and value are uncertain.

• The supplied evidence does not include detailed planning conditions, layout, unit sizes or confirmation of the approval's scope.

• The site was formerly a petrol filling station; any contamination or remediation requirement is unquantified in the supplied evidence.

• No construction, professional, finance, infrastructure or selling-cost evidence is provided.

• Additional seller or third-party charges may apply, but no amounts are supplied.

• Historic terraced-house comparables are not directly comparable to the development site.

Recommendation

Treat as a planning-led development opportunity only. Do not rely on the guide price as viable without confirming the detailed planning position, deliverable unit scheme, site constraints, contamination position and full development appraisal.

Strategy Rating

Analysis Confidence

The evidence confirms freehold ownership, vacancy, site area and Permission in Principle, but omits dwelling mix, detailed consent, build and remediation costs, market GDV, rents and applicable fees.