Weald Property says ..

Property Oracle says ..

This property in Rye, East Sussex, presents a unique investment opportunity. Situated on Landgate in the heart of the historic town, it benefits from a central location with easy access to local shops, schools, and transport. The railway station providing a link to other towns. The building itself is substantial, boasting six bedrooms and three bathrooms across multiple floors, suggesting significant living space or potential for conversion.

However, a key consideration is the condition of the property. The provided images show it requires significant updating and refurbishment. The interior looks dated, and renovation will be necessary to improve its aesthetics and appeal. The lack of detailed information on the specific condition of the structural elements such as the roof, plumbing and wiring creates uncertainty for a potential buyer.

The plot size is very limited. The minimal outdoor space is a factor to consider when assessing the overall value. The planning permission already granted is potentially a positive feature of the property but adds to the complexity of the transaction. The list price of £400,000 is not unreasonable for Rye, especially given the potential returns from converting the property into flats, though the amount of work required should be factored into any potential buyer’s offer. Further due diligence and professional surveys are crucial before making a purchase decision.

Therefore, we give this property 4 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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