The Oast House, Gas Street, Canterbury

Description

The property comprises two attached buildings: a mid-19th-century Grade II Listed former oast arranged over three storeys and fronting Gas Street, including a square kiln to the rear with a pyramid roof; and an attached building believed to have been built in the 1970s, with a single-storey link, formerly used as theatre workshops and stores. The property was subject to a change of use to a museum store in the early 1980s and is believed to have been redundant since its last use. Internally, it requires refurbishment/restoration throughout, subject to necessary planning and listed building consents.

Accommodation

Approximate total GIA of 5,084 sq ft. The original oast is arranged over three storeys. The attached storage/workshop building is also described as additional three-storey accommodation with a single-storey link.

Location

Situated on the south side of Gas Street, a vehicular cul-de-sac, accessed by car and foot from Castle Street near the Wincheap roundabout. Canterbury Cathedral and Canterbury amenities are nearby. Canterbury Castle and St Mildred’s Church are situated directly to the south east and north. The property is within a Conservation Area, Area of Archaeological Importance and the Urban Area Boundary.

Tenure / Property Information

Investment Analysis

The same property, The Oast House, Gas Street, sold for £700,000 in May 2019. This is the strongest available value evidence, but it is historic and does not establish a current formal valuation or residential GDV. The property is now described as redundant and requiring refurbishment/restoration throughout, with planning and listed building consents potentially required. The £450,000 guide is materially below the 2019 sale price, but buyer fees, possible VAT and seller charges are not stated.

Investment Snapshot

Strategy Recommendation

Do not commit to a residential or refurbishment strategy without obtaining listed building and planning advice, a detailed building survey, a fully priced works schedule, confirmation of VAT and auction charges, and a supported end value or rental appraisal.

Works Required

Refurbishment and restoration throughout the former oast and attached workshop/storage buildings, subject to necessary planning and listed building consents. No specific defects, services or construction requirements are evidenced, so a works budget cannot be reliably estimated.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR appraisal cannot be completed because refurbishment costs, finance costs, rent and a confirmed refinance basis are unavailable. Applying the requested 75% calculation to the historic £700,000 same-property sale reference gives an indicative refinance figure of £525,000, but this is not a current valuation and cash left in cannot be calculated.

Buy-to-Let Analysis

BTL viability cannot be established. No sufficiently specific rental comparable or auctioneer rent estimate is supplied, and the existing description does not confirm residential use or residential accommodation. Any change of use would require assessment of planning and listed building constraints.

Flip Analysis

The historic same-property sale at £700,000 provides a reference resale figure only. A flip surplus cannot be calculated because refurbishment, acquisition, buyer/admin, VAT, seller and resale costs are not supplied. Planning and listed building consent requirements also create material execution uncertainty.

Investor Risks & Due Diligence

• Grade II Listed status, Conservation Area designation and Area of Archaeological Importance may constrain works and require consents.

• The property is described as requiring refurbishment/restoration throughout, but no detailed survey or cost plan is supplied.

• The property is believed to have been redundant since its last use, and current residential use is not established.

• No sufficiently specific rental evidence is available, so BTL income and yield cannot be assessed.

• The buyer's fee is unstated; VAT may apply and seller's additional charges are not confirmed.

• The £700,000 same-property comparable completed in 2019 may not represent current market value.

Recommendation

Do not commit to a residential or refurbishment strategy without obtaining listed building and planning advice, a detailed building survey, a fully priced works schedule, confirmation of VAT and auction charges, and a supported end value or rental appraisal.

Strategy Rating

Analysis Confidence

There is a direct same-property sale reference and a stated guide price, but the sale is from 2019 and there is no current valuation, works budget, rental evidence, planning outcome, EPC, detailed condition report or complete fee schedule.