Purchase at Auction
LOT 17 - 87, High Street & 1-5 Central Avenue, Sittingbourne, Kent, ME10 4AU
Sold Prior
Key Features
- Comprises a bank, two shops, offices and car parking
- Bank let to National Westminster Bank Plc on two leases expiring in 2025
- Total Accommodation of 1,544.74 sq m (16,627 sq ft)
- Well located in town centre close to The Forum Shopping Centre
- VAT is not applicable
- Six Week Completion Available
Acquisition Cost
| Purchase Price | £1,300,000 |
| Stamp Duty | £54,500 |
| Auctioneer's Fee | £15,600 |
| Legal & Misc | £14,308 |
| Total | £1,384,408 |
| Completion Statement from Rainer Hughes Solicitors | Completion Statement from West One Loans |
PRE APP Drawings & APPROVAL (14 Apartments)
FULL PLANNING APPROVAL (22 Apartments)
.
Building Regulation drawings
Planning Conditions
PLANNING CONDITIONS PROGRESS REPORT & CURRENT STATUS
| 1. | Permission expires on 06 Feb 28 | 9. | Surface water drainage scheme - SUDS | 17. | Hard and soft landscape schemes |
| 2. | Approved Plans, documents & drawings | 10. | Surface Water Drainage System Verification Report - SUDS | 18. | Hard and soft landscape works |
| 3. | Energy statement - NRG | 11. | Post-completion noise survey | 19. | Trees or shrubs removed should be replaced |
| 4. | External finishing materials, including windows | 12. | External scheme of lighting | 20. | Car parking space |
| 5. | Scheme of cleaning | 13. | Bin storage facilities | 21. |
The 4 EV charging points |
| 6. | Archaeology – Field Evaluation Works | 14. | Working hours | 22. | 24 cycle spaces |
| 7. | Archaeology - Post Excavation Assessment Report | 15. | Impact pile driving working hours | 23. | Construction Management Plan - NRG |
| 8. | Enhancement of biodiversity | 16. | Design out crime measures |
24. | Part M4(2) of the Building Regulations |
Gross development Valuation / APPRAISAL
| Units Type (Flats) | Number of Units |
| 1 Bedroom 2 Person | 4 |
| 2 Bedroom 3 Person | 13 |
| 3 Bedroom 5 Person | 4 |
| 3 Bedroom 4 Person | 1 |
| Total | 22 |
| GDV Valuation by S&P Chartered Surveyors (7th Nov 2024) |
| GDV Appraisal by Sleek (11 Sep 24) |
.
| Building Type | Floor | Units |
| Existing Building | First Floor | 6 |
| Existing Building | Second Floor | 6 |
| Above Existing Building | Third Floor (Light-Weight Structure) | 4 |
| New Building (Car Park) | First Floor | 2 |
| New Building (Car Park) | Second Floor | 2 |
| New Building (Car Park) | Third Floor | 2 |
| Total | 22 |
.
| Gross Development Value (Collective) | ||||
| Units | Level | Description | Sq. Ft. | Value |
| Commercial | Ground + Basement | 3 Units | 6,210 (NIA) | £1,300,000 |
| Residential | 1st to 3rd Floor | 22 Units | 16,666 (GIA) | £5,315,000 |
| Total: | £6,615,000 | |||
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sq. Ft. | Value |
| Commercial | Ground + Basement | 3 Units (occupied) | 6,210 (NIA) | £112,000 |
| Residential | 1st to 3rd Floor |
19 Units Excluding 3 affordable units |
16,666 (GIA) | £281,400 |
| Total: | £393,400 | |||
DEVELOPMENT Loan & Budget
Budget & Appraisal (Construction)
Quotes (Construction)
| Construction Quote by Sleek - Oct24 |
Loan (Construction)
GRAY STRUCTURE (CONSTRUCTION)
Surveys & Reports
| Building Regulations Conditional Approval - TBA |
| Building Regulation Drawings - TBA |
| Building Regulation drawings NOTES - TBA |
| Construction Insurance - TBA |
| Noise or Acoustics Report post Constructions - TBA |
| Structural Survey detailed - TBA |
| Interior Design (Layout) - TBA |
| Schedule of Works, Aug24 |
FINISHING (CONSTRUCTION)
Completion
Certificates
|
Final Certificate for Building Regulations Approval - TBA |
| Electric Installation Certificate - TBA |
| Electric Completion Certificate - TBA |
| Plumbing Installation Certificate - TBA |
| EPC Certificate - TBA |
| Fire Risk Assessment - TBA |
| NHBC Insurance - TBA |
SALE - MARKETING
Apartments / Offices Available
| Floor | Apartment No. | |||||||
| 1st | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
| 2nd | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |
| 3rd | 17 | 18 | 19 | 20 | 21 | 22 | ||
| Ground | ||||||||
Disclaimer
Valuations & Appraisals by Sleek are strictly estimates only and you should use them on that basis. The valuation Model analyses prices for equivalent properties sold or sold in the area. These properties may differ in ways that we do not or cannot consider. Valuations are subjective and based on market forces, which may change. Valuations must not be used for property sale, purchase, mortgage or related purposes. You should seek a professional valuation from a qualified surveyor before deciding whether to buy or sell a property. We shall not be liable for any losses you or anyone else suffer due to relying on the valuations. This includes not being liable for any loss of property, loss of bargain, loss of capital through over-payment or under-sale or for any indirect, special or consequential loss.