A studio flat in Margate with a guide price of £40,000, a plot of land in Hartsdown Park and a four-storey Ramsgate property currently occupied on the ground floor by a barber’s shop are three of the Thanet lots on offer at an auction next month.
The studio flat is at 186-188 High Street and has the remainder of a 99-year lease from 1993 and a guide price of £40-45,000.
A freehold plot of land and buildings at Hartsdown Park, Hartsdown Road in Margate, has a guide price of £320,000 plus. The buildings are let at £14,300 per annum.
A four-storey building being sold is 18 Grange Road in Ramsgate. ground floor is currently occupied by Scizzors barber’s shop and beauty salon and there is a two-bedroom maisonette above. It is currently let at £16,740 per annum and has a freehold guide price of £185,000-190,000.
A period first floor flat at 12 Victoria Court, The Royal Seabathing Hospital, in Canterbury Road, Margate, is also up for offer.
The flat has been run as a furnished holiday let for many years and now the leasehold interest is being offered with a guide price of £150,000-plus.
There is also a freehold block of three flats at 5 Gordon Road in Cliftonville which has a guide price of £215-220,000.
It is currently let at £19,200 per annum and represents an investment opportunity.
A four-storey property at 124 Grosvenor Place in Margate, containing two, two bedroom maisonettes, will also be auctioned. It is let at £12,600 per annum and has a freehold guide price of £160,000-165,000.
Also at the sale is 7 Addington Street in Margate, a large, mid-terrace property with four self-contained flats. Currently it is let at £19,860 per annum and it has a freehold guide price of £250-260,000.
In Ramsgate, Mews House at 50 Rodney Street, which has an estimated rental income of £8,400 per annum, is offered with a freehold guide price of £135-140,000.
There is also an end-terrace two bedroom house for occupation or investment at 12 Tivoli Road in Margate. It has a freehold guide price of £165,000-175,000.
In Cliftonville there is Flat 12, Majestic Court, a one bedroom flat with sea views. It has the remainder of a 999 year lease from 2016 and a guide price of £90,000-95,000.
The sale takes place on Monday, September 10 at the Clive Emson Conference Centre, Kent County Showground, Detling, beginning at 11am.
Anyone entertaining the idea of bidding on the Studio at “The Man of Kent” should know: service charge is very high, no sinking fund on the building (in fact at least £12,000 in deficit) tens of thousands in repairs and maintenance need to be done in the long-term and will be paid by the leaseholders, not the Freeholder. Section 20 served in 2015 (quotes of 30-50k) and never acted upon another one coming soon as Surveyors have been sent around (expect estimates to be much higher. Buyer beware….