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Rendezvous Street, Folkestone CT20

For sale
  • Unbroken Block of 10 apartments located in the heart of Folkestone Town Centre, just 0.6 mile from Folkestone Central Station.
  • Folkestone Central and Folkestone West Stations offer direct services into London St Pancras in 53 minutes.
  • Accommodation comprises 4 x 2 beds, 6 x 1 beds.
  • NIA – 5,223.77 sq ft.
  • The ground floor and basement currently hold E-class use and comprise 1,920 sq ft over ground floor and 1,857 sq ft in the basement.
  • The commercial element is to be retained by our vendor on a 999 year lease, although an offer may be considered to purchase this element. Further information is available upon request.
  • Freehold.
  • All apartments currently let on ASTs producing an annual rent roll of £68,400 per annum.
  • Tenancies are long standing and we believe with very little asset management, the Estimated Rental Value (ERV) is in the region of £90,000 per annum.
  • We believe at our Guide Price, this offers a significant discount to the potential breakup value.
  • We are instructed to quote OIEO £1,450,000 (One Million, Four Hundred & Fifty Thousand Pounds) subject to contract.
  • This equates to a low capital value of £277 per sq ft and reflects a gross yield of 4.7% against the existing income and 6.2% against the ERV.
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