INVESTMENT OPPORTUNITY
Tower House, 125a Canterbury Road, Westgate on Sea, Kent CT8 8NW
Tower House is a truly unique development of twelve luxury apartments and one luxury cottage in the grounds of an imposing attractive Victorian grade II listed building, the former St Augustine's College, designed by architect F A Walters and which dates back to the early 1900's. The developers of this property have been extremely mindful and sympathetic of the building and have taken every opportunity to retain the grandeur and integrity whilst creating thirteen wonderfully spacious homes that have been finished to the highest standard and with the most impressive specification.
Westgate-on-Sea is located just along the coast from Margate which is currently enjoying a major arts-led regeneration through its thriving old town, sea-front and the Turner Contemporary. The more sedate Westgate-on-Sea offers a bustling village atmosphere with its eclectic range of Victorian canopied independent shops, restaurants & café’s, multi-screen cinema and two glorious uncommercialised sandy beaches. The stunning coastline offers a great selection of recreational activities which include sailing, cycling and golf and the beautiful West Bay boasts some of the UK’s most stunning sunsets. Westgate benefits from a good selection of schools and its mainline railway station offers direct links to London, Victoria and St. Pancras.
Tower House is set in an acre of secure gated grounds with allocated and guest parking, resident’s gymnasium, Japanese garden, patio with gazebo and BBQ facility and a 16 car garage out-building. Each of the apartments benefit from the beautifully appointed communal areas including a grand entrance hall and a lift to all floors,
The twelve apartments and cottage at Tower House units have been created to the highest standard in order to offer opulent living, akin to living in a five-star boutique hotel. It is truly a unique conversion and the only one of this style in the UK. Although the interior design is that of a Victorian stately house, all units come with an expected high specification and modern facilities. The units come with a 10-year building warranty.
Each unit features a hand beaten copper bath, cast iron bath and hand carved wash basins with 22 carat gold leaf finishes. The ornate plaster works are all hand sprayed or painted by specialist tradesmen having taken many hours of love and attention to detail. Heating is provided by individual gas boilers via cast iron radiators. Water is provided via three pumps to regulate the pressure to 3.5 bars throughout the site regardless of the number of taps open or the unit location. The units are individually metered for gas, water and electricity.
The apartments could be ideal as luxurious boutique serviced accommodation, and if used as such may potentially attract a considerable capital allowance claim, as the building is newly converted. The property could also suitable as a residential training centre, main residence or holiday homes.
Adjacent to Tower House is the re-nouned St Augustine’s wedding and conference centre which does not have the benefit of being able to offer on-site accommodation and as thus operates as a day and evening venue http://www.staugustineskent.com/
They are particularly keen to be able to use the accommodation potentially offered at Tower House for their events. In 2019 they held 72 weddings, 73 parties and 73 conferences. Regular evening events throughout each month cater for up to 150 guests.
A breakdown of the individual unit sizes and prices at Tower House is listed below.
| Units | Beds | SQM | Price |
|---|---|---|---|
| 1 | 5 | 388 | £1,500,000 |
| 2 | 3 | 214 | £800,000 |
| 3 | 2 | 89 | £450,000 |
| 4 | 4 | 136 | £626,000 |
| 5 | 3 | 125 | £650,000 |
| 6 | 2 | 84 | £400,000 |
| 7 | 2 | 97 | £400,000 |
| 8 | 4 | 140 | £600,000 |
| 9 | 3 | 122 | £600,000 |
| 10 | 2 | 75 | £350,000 |
| 11 | 3 | 189 | £750,000 |
| 12 | 3 | 234 | £1,000,000 |
| Cottage | 2 | 69 | £425,000 |
The freehold interest at Tower House is noted at £300,000.
Total of £8,860,000.
The vendors are offering the whole property at a discounted guide price of £8,100,000.
For further details or to arrange a private viewing of Tower House please call Terence or James Painter at Terence Painter Estate Agents on 01843 866866 or email terry@terencepainter.co.uk or james@terencepainter.co.uk.
We are advised that the property and buyer may qualify for substantial Capital Allowance tax relief and/or may qualify for multiple dwelling Stamp Duty Land Tax relief, potential buyers should consult their tax adviser in respect of these.
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