With Medway continuing to be a hotspot for property investment, people will often get in touch with me wanting to know what the prime areas in the Towns are to look out for. It’s one thing knowing that Rochester demands the highest prices (third for buy-to-let in country, in fact!) and that Chatham is up and coming, but it’s another to know exactly which streets are good ones to focus on.
In the bigger picture of Medway, Gillingham can sometimes go under the radar. It’s still the most affordable of the main towns in Medway, and there are some particular streets that are proving to be very promising for investors.
One street that’s really caught my attention lately, and some of my investor associates, is Nelson Road in Gillingham. I have just taken on management of a six-bed quality HMO on this street and although it’s still undergoing refurbishment we have interest from tenants and viewings have been arranged.
With Nelson Road being as long as it is, with properties generally ranging in size between two-beds and four-beds, there is some variation in prices. In the last couple of years, though, a number of two-bedroom properties have sold between the price range of £160,000 and £190,000, while three-beds have generally been going for between £210,000 and £230,000. Four-beds can achieve as much as £360,000.
These figures show that the area is currently far more affordable than equivalent prices in Medway (a similar three-bed near Chatham station can be as much as £50,000 more) and well below wider south-east averages. As HMO and BTL investment prospects, properties in Nelson Road and its nearby streets are promising, as Medway’s inclining prices are on course to continue performing well, and will be in demand as renters look beyond Rochester and Chatham.
If you were to buy one of these affordable Gillingham properties, it would naturally take a little bit of investment to get it ready to take tenants. And of course, there are things to keep in mind for when you do view a potential investment. In my experience, achievable rents in this part of Gillingham as a single-let are between £850 and £1,100, depending on the property.
Nelson Road and adjacent streets are conveniently placed, too. Gillingham station is within a stone’s throw, giving convenient access to the capital and beyond for commuters. The Universities at Medway are nearby, which is ideal for students, and amenities are in abundance. There’s even Napier Primary & Nursery Academy nearby for families.
There are very few ‘sleeping giants’ left in Medway, with it being such a popular area. The high-speed connections to London, as well as affordable prices and lots of local attractions make it a continually good place to invest in – and Nelson Road is a prime example of this.
Having handled a number of properties in the area I could certainly help out if you are looking to Gillingham for investment, or any other part of Medway and nearby locations. If there’s anything you might want to find out or know more about, you can reach me at firstname.lastname@example.org, or by phone on 07944 726676.