THE REGENCY APARTMENTS ST AUGUSTINES ROAD RAMSGATE THE REGENCY APARTMENTS, RAMSGATE INVESTMENT OPPORTUNITY OF 35 APARTMENTS AND 1 HOUSE OVER LOOKING THE SOUTH COAST
Summary Direct views over the South Coast Currently arranged as a total of 42 apartments and 1 house, of which 7 apartments have been sold on long leaseholds Gross Income of 193,980 per annum - (ERV 298,000 per annum) 23 apartments and the house occupied at the time of marketing All occupied apartments let on Assured Shorthold Tenancies Total of 31,948 sqft (2,968 sqm) NIA Communal gardens and gym facilities Freehold
Location The property is located with access and road frontage taken from St Augustine Road on the southern edge of Ramsgate. The rear of the property fronts communal gardens which in turn lead to the Port of Ramsgate where regular commercial and passenger ferries run to Ostende. The property has unencumbered views over the South Coast. St Augustine Road leads directly to the Ramsgate Yacht Marina and its town centre some 0.5 miles east of the site. Ramsgate Train Station is within a mile north of the site and provides direct access to London s St Pancras with 1hr 20 minutes and surrounding towns such as Broadstairs, Margate, Canterbury, Dover and Ashford International. The central district of Ramsgate is focused on its High Street and Harbour Street, leading to the Yacht Marina, and includes shops such as HSBC, Waitrose, Boots and WHSmiths. The Westwood Shopping Centre within 3 miles north of the site also provides shopping, leisure and food and drink offerings such as Marks and Spencers, Boots, Gourmet Burger Bar, Nandos and a Vue Cinema.
Description The property consists of a former regency style hotel building that was granted planning consent in 2005 for conversion and extension to provide 43 residential units. The majority of the property is traditional regency style in design which fronts the South Coast, whilst to the rear, fronting St Augustines Road, there is a more recently built block connecting to the original regency building. Primary access is taken from St Augustines Road. The accommodation is arranged over basement, ground and 4 upper floors. The communal areas are in a good state of repair with a porterage service and a communal gym with changing facilities located in the basement. The residential accommodation offers a mixture of 1,2,3 and 4 bedroom apartments, split level apartments, maisonettes and a single house. There is no allocated parking with the property. Each of the units has fully fitted bathrooms and kitchen (including cooker and fridge freezer, washing machine, dishwasher). The units are all self serviced with their own electric boilers for heating, electricity and water.,,
SCHEDULE OF ACCOMMODATION The property currently totals 42 apartments and 1 house of which 35 of the apartments and the house are included within this sale (the remaining 7 units have been sold on long leasehold basis). Example floorplan - flat 1 Beds No Vacant Units Total Sqft Total Sqm Income PA 1 bed 13 4 7,075 657 35,400 2 bed 16 6 15,301 1,422 90,240 3 bed 6 0 8,008 744 56,340 4 bed 1 0 1,566 146 12,000 36 31,951 2,968 193,980,,,
Income At the time of marketing 29 of the units are occupied and let on Assured Shorthold Tenancies producing a total gross income of 193,980 per annum. Costs for running the property for the previous year were 80,867, including management agent, service charge and repairs/maintenance costs. The running expenses for the property are broken down as follows: Managing Agents Fees 8,520.68 Service Charges 39,780 Repairs & Maintenance 32,567.92 80,868.60 All of the Assured Shorthold Tenancies have rental deposits associated with them held in a Tenancy Deposit Scheme with the managing agent. Details can be provided on request. The Estimated Rental Value for the property assuming it is fully let on Assured Shorthold Tenancies, is 298,000 per annum. This figure has been based on applying the most recent rental figure of each of the apartments. A total of 7 of the apartments have been sold on 125 year long leaseholds, with the earliest sale being October 2007. Each of the apartments incurs an annual service charge of 955 and an annual ground rent of 150. The sold apartments were mixture of 1 and 2 bedroom units and sold for between 285,000 and 210,000.
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Proposal Unconditional offers are sought. Proposals are to be submitted at the offices of Blenheim Bishop for the attention of Jonathan Vandermolen. All offers should be clearly marked The Regency Apartments, Ramsgate. All proposals should include the following: Purchaser, including any relevant background and track record information; Board approvals, details of any outstanding approvals necessary to proceed with the purchase and likely timescales involved; Written confirmation of finance arrangements including details of any further approvals which may be required; Timetable for exchange of contracts and completion; Details of solicitors. The selection procedure will be based upon the level of offer, payment terms, funding, track record, and level of due-diligence carried out. All offers are to be accompanied with proof of cash funds in order to be seriously considered. There is no obligation on the vendor s behalf to accept the highest offer made.
Contact US Tim Barton-Knott Land and Investment T: 020 7290 2812 M: 07793 709636 E: Jonathan Vandermolen Land and Investment T: 020 7290 2828 M: 07831 509965 E: James Winston Land and Investment T: 020 7290 2824 M: 07585 552958 E: Blenheim Bishop 82 Park Street London W1K 6NH Created for Blenheim Bishop by Design for Life MISREPRESENTATION ACT: Blenheim Bishop for themselves and for the vendors of this property whose agents they are, give notice that The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and their details are given in good faith and are believed to be correct,, but any intending purchasers should not rely on them as statements of representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Unless otherwise stated, all prices, rents, and other charges are quoted exclusive of VAT. Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction. All plant, machinery, equipment, services and fixtures referred to in these particulars were present at the date of publication. They have not however been tested and therefore we give absolutely no warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendors. No responsibility can be accepted for any expenses incurred by the intending purchasers in inspecting the properties which have been sold or withdrawn