Unit 3 The Boathouse, Victory Pier, Gillingham, Kent, ME7 1FT

Description

A Leasehold Ground Floor Commercial Investment extending to approximately 305 sq m (3,283 sq ft), situated within The Boathouse, a modern purpose-built waterside block at Victory Pier on the banks of the River Medway in Gillingham. The unit is let on a 10 year lease from 9 August 2022 at a rent of £29,988 per annum and offers investors a substantial income-producing Class E unit in an established mixed-use development. The unit has an EPC rating of B.

Accommodation

Open-plan ground floor commercial unit with kitchenette, benefiting from a glazed frontage onto the development's courtyard. Approximately 305 sq m (3,283 sq ft).

Location

The Boathouse is a modern purpose-built waterside block at Victory Pier on the banks of the River Medway in Gillingham. Victory Pier is a landmark regeneration scheme beside Gillingham Marina, with an ASDA superstore, Premier Inn and other retailers on site. Gillingham railway station is under a mile away, providing high speed services to London St Pancras in around 50 minutes, and the A2 and M2 give quick access to the wider Medway towns and the M25.

Tenure / Property Information

Investment Analysis

The £135,000 guide equates to approximately £41 per sq ft for the stated 3,283 sq ft unit. The supplied sold comparables are leasehold flats/maisonettes, not Class E commercial units, so they do not provide reliable evidence for this property's market value or GDV. The property is let at a stated passing rent of £29,988 per annum, producing a gross yield of approximately 22.21% at the guide price before costs. No buyer premium, admin charge, service charge, insurance, rent review or lease covenant information is supplied.

Investment Snapshot

Strategy Recommendation

Consider as an income-led commercial hold only, subject to verification of the lease, tenant covenant, rent review provisions, all landlord costs and independent commercial valuation evidence. Do not rely on a BRRR or flip strategy from the supplied data.

Works Required

No refurbishment works are identified in the supplied description. The unit is described as an open-plan Class E space with kitchenette, glazed frontage and EPC B. Allowance excludes any unreported repairs, compliance works or landlord liabilities.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

BRRR cannot be reliably underwritten because no commercial GDV, valuation evidence, lending terms or supported 75% refinance value is available. No refurbishment uplift is evidenced. The stated rent may support an income-based valuation, but that cannot be calculated from the supplied evidence alone.

Buy-to-Let Analysis

Income-led commercial hold analysis is attractive on the stated figures: £29,988 annual passing rent against the £135,000 guide produces a 22.21% gross yield. This is a gross calculation only and excludes unavailable costs such as buyer fees, service charge, insurance, lease costs, finance, tax and management. The lease began on 9 August 2022 for 10 years, but rent review, break, repairing and tenant covenant terms are not supplied.

Flip Analysis

A flip surplus cannot be calculated. No reliable Class E commercial comparable, GDV, selling-cost allowance or refurbishment cost is supplied. The residential flat sales in the same postcode are not suitable evidence for this commercial unit.

Investor Risks & Due Diligence

• The supplied sold comparables are residential flats/maisonettes and are not reliable commercial valuation comparables.

• The 10-year lease from 9 August 2022 has a stated term but rent review, break, repairing, service charge and other lease provisions are not supplied.

• Tenant covenant and occupational security are not evidenced beyond the statement that the unit is let.

• Buyer premium, admin charge and other acquisition costs are not supplied, so the total-cost yield may be overstated.

• No commercial GDV or supported refinance value is available.

• The stated yield is gross and excludes operating, ownership, finance and tax costs.

Recommendation

Consider as an income-led commercial hold only, subject to verification of the lease, tenant covenant, rent review provisions, all landlord costs and independent commercial valuation evidence. Do not rely on a BRRR or flip strategy from the supplied data.

Strategy Rating

Analysis Confidence

The passing rent, guide price, floor area, lease commencement, use and EPC are supplied, allowing a gross yield calculation. However, there is no suitable commercial sales evidence, no fee or operating-cost detail, no lease covenant information and no GDV evidence.