Hello Readers,
A recent Rightmove alert has brought up a fantastic property in Forge Lane, Gillingham packed with potential for a guide price of £180,000. You can view the property here, which is being sold by live stream auction on 14th May.
The four-bedroom property is listed for auction, but has huge permitted development potential – particularly because semi-detached properties get more rights to extend at the front and back.
I’m conscious that it’s an auction property so will definitely go for over the guide price but it could make a fantastic HMO, being in an excellent location and just 0.6 miles from Gillingham station.
Here’s the floor plan:
Depending on the work required, you may need planning permission from Medway Council to convert it from a residential building to a HMO, but that is likely to be granted as long as proper health and safety procedures are followed to ensure the property will be in a good condition for living.
In any case, it would be prudent to fit the property in compliance with HMO standards, with fire doors, interlinked smoke alarms, carbon monoxide alarms and a heat detector in the kitchen.
As well as considering an extension and / or loft conversion, you may choose to add en-suite bathrooms, but I would certainly recommend checking Medway’s regulations before commencing any work.
The best bit about this investment is that it is very close to Gillingham station, ensuring that capital growth will be good. Four-bedroom properties within this postcode average at around £340k and even as a single let, the property could rent for £1,800 plus per month.
Medway continues to be an excellent area to invest and particularly within Gillingham, the HMO market is strong, so this one is definitely worth checking out!
If you want to hear about the latest buy-to-let deals, subscribe to this blog at Medway Property News. If you are considering investing in property in the area (including how I would recommend converting this property_ and wanted to talk about it, I’m happy to give my impartial advice. The best way to contact me is through LinkedIn.
Hasan
