Purchase at Auction

LOT 17 - 87, High Street & 1-5 Central Avenue, Sittingbourne, Kent, ME10 4AU

 
Prominent Long Leasehold Bank, Shop and Office Investment
 
Leasehold. Held for a term of years expiring 24th March 2140 at a ground rent of £16,400 p.a. 

Sold Prior

Commercial - 13th July 2022 - Online Only
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
Total Current Gross Rent Reserved
£183,075 p.a.
 
 
 


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



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   1C?A 3 C/A 5 C/A        

 

Sales Schedule & Apartment Details

 



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.