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Block of Apartments for sale

Dover Road, Folkestone, Kent

Offers in Excess of £425,000

Property Description

Key features

  • Freehold Residential Investment
  • 5 no. 1 Bed Flats
  • Fully Let
  • 27,600 Income pa
  • Closing Date for Offers Friday 19th May 2017

Full description

Residential Investment For Sale by Informal Tender. Former Public House that has been converted to 5 no. individual flats. It's fully let and generating c. £27,600 pa. Closing date for offers 19th May 2017.

Location - The site is located at the Dover Road / Harbour Road junction around ½ a mile east of Folkestone town centre, which provides a wide range of shops, eateries, leisure facilities and local services.

Folkestone Central station is around a mile to the west and provides services to London Charing Cross with a journey time of around 1 hour 50 minutes and high speed services to London St Pancras with a journey time of just over an hour.

Junction 13 of the M20 motorway is around 2.2 miles to the north west.

Property Description - The property occupies a site of c. 0.038 ha (c. 0.094 acres) in size. A former public house previously known as The Martello, the property is two storeys under a tiled pitched roof. It has been converted into 5 no. Self contained 1 bedroom flats with parking to the rear is parking as well as a small shared amenity area.

Tenancy Schedule - The properties are fully let on rolling 6 month shorthold assured tenancies and currently generates a combined monthly income of £2,300 per calendar month.

Flat 1, Date Start 11/08/2012, Rent £475 pcm
Flat 2, Date Start 27/05/2015, Rent £425 pcm
Flat 3, Date Start 02/06/2015, Rent £450 pcm
Flat 4, Date Start 04/06/2015, Rent £475 pcm
Flat 5, Date Start 01/04/2017, Rent £475 pcm

Further Information - Copies of the current Rental Agreements and other paperwork are available on request

Tenure - The site is to be sold on a freehold basis with tenants in situ on completion.

Vat - It is understood that VAT will not be applied to this transaction.

Viewing Arrangements - The property can be viewed externally from the public highway in daylight hours. Should you require a more detailed inspection of the property or individual flats prior arrangement will need to be made through the agent.

Offers - Offers in excess of £425,000 are sought on an unconditional (subject to contract) basis only by way of informal tender.

All offers must be made in writing to be received on or before 12 noon on Friday 19th May 2017.

Offers must be accompanied with evidence of funding and details of any due diligence that will be required prior to an exchange of unconditional contracts.

The vendor is not obligated to accept the highest or any bid made.

Agents Details - For further information please contact the agents:

Graeme Dowd
Rochester Office
Tel: 01634 835900
Mob: 07904 372142
155 High Street, Rochester, ME1 1EL

These particulars are for guidance and whilst we endeavour to make our details as reliable as possible if there is any point which is of particular importance please contact the office and we will be pleased to check the information for you. All measurements are as accurate as possible at time of going to press. All plans are not to scale.

More information from this agent

Listing History

Added on Rightmove:
07 April 2017

Map & Street View

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