The Chestnut Surgery, 70 East Street, Sittingbourne, Kent, ME10 4RU

Description

A freehold detached building located on the outskirts of Sittingbourne town centre, among local amenities and a short distance from the mainline railway station. The property, which has been extended to the rear, has been used as a medical practice for over 40 years and may offer potential for continued use, or conversion to provide multiple residential units, subject to all necessary consents being obtainable.

Accommodation

Ground Floor: Two entrance lobbies, reception office, two waiting areas, six consulting rooms, patient and staff W.C.s, stores and a plant room. First Floor: Three offices and a staff kitchen, together with a W.C., locker room and store. Outside: Two modular buildings which will remain. Forecourt to front with off-road parking. Parking to rear.

Location

Located on the outskirts of Sittingbourne town centre, among local amenities and a short distance from the mainline railway station. The building is set back off East Street.

Tenure / Property Information

Investment Analysis

The only completed-sale evidence is the same property, sold for £505,000 on 11 September 2020. This is historic and provides no reliable current market value or conversion GDV. The £425,000+ guide is not a valuation. Current GDV, refurbishment cost and maximum bid cannot be established from the supplied evidence.

Investment Snapshot

Strategy Recommendation

Do not bid on financial assumptions alone. First obtain current commercial and residential valuation advice, planning/use-consent advice, measured surveys, condition and asbestos assessments, refurbishment quotations, and confirmation of all buyer fees and VAT.

Works Required

No specific defects or required works are evidenced. Any continued medical use or conversion into multiple residential units would require investigation, design, costings and all necessary consents. The existing building includes two modular buildings, parking, gas radiator heating and medical-practice accommodation.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR analysis cannot be completed reliably because there is no supported current GDV, refurbishment budget, residential rent, finance cost or conversion-consent position. The historic 2020 sale cannot by itself establish refinance value.

Buy-to-Let Analysis

BTL analysis cannot be completed. No sufficiently specific rental comparable or auctioneer rent estimate is supplied, and the property is currently commercial and vacant. Residential conversion, if pursued, is subject to necessary consents.

Flip Analysis

A flip appraisal cannot be established. The historic same-property sale at £505,000 is dated, while no current GDV, conversion value, works budget, selling costs or consent position is supplied.

Investor Risks & Due Diligence

• Potential residential conversion is expressly subject to all necessary consents being obtainable.

• No current market valuation or supported GDV is provided.

• No sufficiently specific rental evidence or passing rent is available.

• Refurbishment and conversion costs are unknown.

• An administration fee and other non-optional fees may be payable in addition to the bid price.

• VAT, Stamp Duty and Land Registry fees may become payable.

• EPC position is to be confirmed.

• The property is vacant, so there is no evidenced income during ownership.

• The two modular buildings remain and their condition, status and future use are not evidenced.

Recommendation

Do not bid on financial assumptions alone. First obtain current commercial and residential valuation advice, planning/use-consent advice, measured surveys, condition and asbestos assessments, refurbishment quotations, and confirmation of all buyer fees and VAT.

Strategy Rating

Analysis Confidence

Evidence is limited to a guide price, a single historic sale of the same property, a general description and no rent, works budget, EPC, planning position or buyer-fee details.