Lot 1 - Flat, 98-100 High Street, Gillingham, Kent, ME7 1AX

  • Unconditional Online Auction Sale
  • Guide Price* : £380,000+
  • Bedrooms: 8
  • Bathrooms: 6
  • Reception Rooms: 1

A fully tenanted eight bedroom, six bathroom HMO let to working professionals producing £59,279.52 per annum

Description

• Leasehold two storey maisonette
• 8 bedroom, 6 bathroom fully tenanted HMO
• Communal open plan kitchen and dining space
• High quality refurbishment throughout
• Popular rental area near Medway Hospital, University of Kent and local employers
• Fully managed HMO in a prime location
• Representing a 15.5% yield on guide

Location

Situated on the well-connected High Street in Gillingham, the property benefits from convenient access via the A2 and A289. Providing direct routes to Gillingham town centre, Medway Maritime Hospital, and the University of Kent’s Medway campus. Set within a residential area, it is close to a variety of local amenities including shops, schools, and parks.

Transport links are provided by both Gillingham and Chatham Rail Stations.

Planning

Planning granted through Medway Council, Ref: MC/20/0021 | (06-01-2020)

Planning approved for change of use of first floor 6-bedroom flat to a 8-bed (8 person) House of Multiple Occupancy

HMO Compliance

- HMO Licence
- EICR
- EPC
- Gas Safety Certificates
- Fire Risk Assessment
- Emergency Lighting Test
- Fire Alarm Test Certificate
- Fire Door Certificate

Please see legal pack for copies of these documents

Lease Start Date

24/06/1986

Lease Duration

125 years (85 years unexpired)

Annual Ground Rent

£0

Accommodation

Room Number Floor Accommodation Tenancy Info Rent Per Annum
1 First En-suite HMO room with access to communal kitchen and dining area Subject to a 6 month AST starting from 20th December 2024 £7,800
2 First HMO room with separate bathroom and access to communal kitchen and dining area Subject to a 6 month AST starting from 1st June 2022 £7,500
3 First En-suite HMO room with access to communal kitchen and dining area Subject to a 6 month AST starting from 17th November 2024 £7,800
4 First En-suite HMO room with access to communal kitchen and dining area Subject to a 6 month AST starting from 8th December 2023 £7,500
5 First En-suite HMO room with access to communal kitchen and dining area Subject to a 6 month AST starting from 1st June 2022 £7,979.52
6 Second HMO room with shared bathroom and access to communal kitchen and dining area Subject to a 6 month AST staring from 5th May 2025 £6,600
7 Second HMO room with shared bathroom and access to communal kitchen and dining area Subject to a 6 month AST starting from 23rd June 2022 £6,600
8 Second HMO room with shared bathroom and access to communal kitchen and dining area Subject to a 6 month AST starting from 1st February 2024 £7,500

Vendors Solicitor
Simran Pannu
01795416930

* Guide Prices are provided as an indication of each seller's minimum expectation (also known as the 'Reserve Price'). This is not necessarily a figure which a property will sell for and may change at any time prior to the auction. Every property will be offered subject to a Reserve Price (this is the sellers minimum expectation) which will be set within either a Guide Range or no more than 10% above a single figure Guide Price.

The Buyers Administration Fee of £1,500 (inclusive of VAT) is a separate charge payable in addition to the price a Lot sells for. In addition, the Guide Price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.

To participate in the sale, HMO X Auctions must hold a minimum amount from all bidders. This participation amount and administration fee are fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £5,000 comprises £3,500 relating to your bidder security (which forms part of your 10% deposit payment) and the buyers administration fee of £1,500 (inclusive of VAT).

Please note that Lots may be sold or withdrawn prior to auction without prior notice.

Any information provided by HMO X Auctions or the seller, whether in writing or orally, does not constitute a representation, condition, or warranty. The information given is for illustrative purposes only and should not be considered as fact. Any mistakes, omissions, inaccuracies, or mis-descriptions in the information provided will not give rise to any legal action or compensation against HMO X Auctions or the seller.

All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of HMO X Auctions or the seller.

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Vendors Solicitor

Simran Pannu
01795416930

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