Gravesend’s £910,000 rated property is up for auction next month

PUBLISHED: 14:59 24 May 2016 | UPDATED: 14:59 24 May 2016

Lot 42 - Lion Court, 70 Parrock Street, Gravesend

Lot 42 - Lion Court, 70 Parrock Street, Gravesend

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It has estimated potential rental of £68,500

A Gravesend property with a guide price of more than £900,000 is appearing at an auction next month.

Lion Court on Parrock Street contains an unbroken block of eight, one-bedroom flats, three garages and store.

With a guide price of between £900,000 and £910,000, the property is currently let at £59,220 per annum.

But experts suggest the site has the potential to rent at £68,500.

It is one of 145 lots listed by land and property auctioneers Clive Emson ahead of its next sale on June 13.

Auctioneer Ben Snelling explained what made Lion Court such hot property.

He said: “The premises are close to the mainline railway station and situated in a prominent position.

“Each flat is let on an assured shorthold tenancy agreement and has been granted a 125 year lease from August 2007.

“Therefore, both the freehold and the leasehold titles are being sold collectively.

“This opportunity provides predictable returns and investing in property avoids the vagaries of the money markets.”

The next sale is the fourth of the year and takes place on Monday June 13 at The Clive Emson Conference Centre in Detling, Maidstone, beginning at 11am.

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