Deal Clinic –Victoria street, ME7, Gillingham
By
on
Complete shell - Let's see what property professionals think at Deal Clinic Thursday
VICTORIA STREET ME7, gillingham
PROPERTY DESCRIPTION
Here we have a 3 bedroom property situated in the heart of Gillingham near to the hospitals making it a potential opportunity to turn it into a HMO property of 5 bedrooms. The vendor has stripped the property back to brick and has produced plans for a conversion of 5 bedrooms with an extension at the rear and planning for the loft to be converted into a bedroom.
It is held under Freehold tenureship. It is within tax band B.
This property was built around 1900-1929. It has an internal floor area of 77m2.
Compared to other properties of the same type in the surrounding area, this property is less expensive than the average.
The current market valuation for this property is £235,000 if done up in its current form, and the current rental market valuation is £1,175 pcm
Proposed Plan
High standard 5 bedroom HMO with loft conversion once beams have been installed.
Condition
Stripped back to brick with beams showing through to the loft area. This will need a full renovation costing in the region of £60 - 70k.
Construction Summary
Wall Constructions | Solid bricks wall construction will need to be insulated boared and painted |
Roof Construction | Traditional pitched tiled roof with concrete tiles |
Floor Construction | Suspended timber- steel beam to be installed in loft. |
Parking | On street parking |
Drains and Services | All mains, gas, water, electricity and drainage services |
LOCATION
Nearby schools in include Napier Community Primary and Nursery Academy, Barnsole Primary School, The Robert Napier School, Byron Primary School, The GFC School
Nearby stations in include Gillingham (Kent) Station, Chatham Station, Rochester Station, Rainham (Kent) Station, Strood Station.
Key Strengths and Weaknesses
Key Strengths
- Established HMOs in the area already
- Nearby to the hospitals so would be easy to get hospital staff
- Good letting potential
- Village benefits from local amenities, schools and transport link
- Starting from scratch so put your own mark on it!
- Ready to go!
Key Weaknesses
- On street parking
Key Risks
- Refurbish cost increase in material
- Money potentially locked in.
- Global Economy
- Impact of Coronavirus
- Impact of the 3% stamp duty surcharge
Tenure
- The properties will be owned on a freehold basis once the brought and assume that the title is free from any restrictions, encumbrances, rights of way, easements or other matters which would adversely affect value or marketability.
ANALYSIS OF SALE COMPARABLE DATA
The comparable analysis data shown below is shown of each type of property within the local proximity of the subject property dependent on size relative to the one stated.
3 Bedroom & HMO Comparable Properties
- No properties have sold since 2020 on this road
- Average price is 235k
- 1 mile radius - 4 bedroom HMO Valued at 300k
- 1 mile radius - 5 bedroom HMO Recently sold for 350k
Current situation
- Vendor is currently looking for in between 190-195k
- Spending 60k to refurbish the property to get property into a rental income without (without extra rooms to HMO standard)
- 75k roughly for a 5 bed HMO
