Property description

This property offers numerous advantages for potential buyers. Firstly, it is located on the main street at the North end of town, providing easy access to the sea, just down the road from the site. Secondly, the site has already been leveled off, making it ready for development. Thirdly, you have the opportunity to build up to six storeys here. Remarkably, the asking price is less than half of what the seller paid for it back in 1997.

The property is zoned as General Residential 2, now termed Residential High Impact 3, allowing for a coverage of 50% and a Floor Area Ratio (FAR) of 0.75. This means you can develop a hotel or multi-unit residential complex, with the potential for off-street parking and residential units above, all enjoying sea views from the upper floors (3 to 6). There is also provision for a shop on the site, though it is not exclusively for business use. With strong buying sentiment in Margate, we are in need of stock, and new buyers are eager to invest without hesitation. I have encountered three new developers recently, indicating a shift from a buyer’s market to a seller’s market. If you don’t seize this opportunity now, it may slip away.