Ramsgate Flats 14/36, Grundys Hill, Ramsgate, Kent

Description

Investment/vacant freehold block of twelve flats and eleven garages. Five flats are subject to Assured Periodic Tenancies and one garage is subject to a Licence. One flat and ten garages are vacant. Two flats are subject to Reversionary Leases with approximately 35 years unexpired. Four flats are subject to Long Leases. An eight week completion period applies to this lot.

Accommodation

Twelve flats, each providing one bedroom accommodation, and eleven garages.

Location

The property is situated to the rear of 70 Queen Street and is accessed via Grundy's Hill. Extensive shops and amenities are available in Ramsgate town centre. Ramsgate rail station provides services to London Charing Cross, London Victoria and St Pancras International stations. The A299 (Royal Harbour Approach) is to the west and Royal Parade is to the south. The open spaces of Ellington Park are to the north. The Yacht Marina is very close by together with Ramsgate Beach and West Undercliff Beach.

Tenure / Property Information

Investment Analysis

The £550,000+ guide is the only supplied purchase-value evidence. No completed sales, formal valuation, passing rent schedule, lease details for the long leases, condition report or seller-cost schedule is provided, so a supported GDV, refurbishment budget or maximum bid cannot be established. The supplied £750–£1,150 pcm rental evidence is advertised asking rent evidence for individual one-bedroom accommodation, not achieved or portfolio rent.

Investment Snapshot

Strategy Recommendation

Do not rely on the guide price alone. Proceed only after reviewing the special conditions, rent roll, tenancy and lease documents, vacant-unit condition, garage licences, title and all additional charges; otherwise the investment case is too uncertain.

Works Required

No specific works are supported by the evidence. Before purchase, inspect all flats and garages and verify the condition, compliance, services and any required common-area works; these are due-diligence requirements rather than costed refurbishment assumptions.

Rental & Market Context

Potential BRRR Position

A BRRR assessment is not supportable because there is no evidence-based GDV, refurbishment budget, total rent roll, operating-cost schedule or refinancing valuation. The partly vacant and mixed-tenure structure, including two reversionary leases with approximately 35 years unexpired, makes the refinance outcome particularly dependent on lease and income due diligence.

Buy-to-Let Analysis

BTL performance cannot be calculated for the whole block because no passing rents are supplied for the five Assured Periodic Tenancies, the licensed garage, the reversionary leases or the long leases. The £750–£1,150 pcm figures are advertised asking rents for individual one-bedroom accommodation and should not be treated as achieved rents or total portfolio income. Lease structure and vacancy levels require detailed review.

Flip Analysis

A flip surplus cannot be calculated because no completed comparable sales, GDV, condition-based works allowance or selling-cost allowance is supplied. The asset is a block with multiple occupied, vacant, reversionary and long-lease interests rather than a straightforward single-unit resale.

Investor Risks & Due Diligence

• Five flats are subject to Assured Periodic Tenancies, one garage is subject to a Licence, two flats have reversionary leases with approximately 35 years unexpired, and four flats have long leases.

• One flat and ten garages are vacant, creating letting and condition uncertainty.

• The supplied rental figures are advertised asking rents rather than achieved rents and do not establish the block's total income.

• Additional seller or third-party charges may apply and are not quantified.

• An eight-week completion period applies, requiring funding and due diligence to be completed within that period.

Recommendation

Do not rely on the guide price alone. Proceed only after reviewing the special conditions, rent roll, tenancy and lease documents, vacant-unit condition, garage licences, title and all additional charges; otherwise the investment case is too uncertain.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy and guide are supplied, but there are no completed comparables, passing rents, condition evidence, lease detail for four long leases, EPC information, fees or supported GDV.