We are delighted to have completed on the sale of 2 adjoining unbroken freehold properties in iconic Fourth Avenue, Hove – having been held in the family’s ownership since originally being built in 1879!
Built on land once part of the Stanford Estate, Fourth Avenue was in fact the last of the Hove ‘Avenues’ to be developed – principally because the beneficiary of Stanford Estate, Ellen Stanford being a child at the time, her affairs were managed by trustees. Whilst many took up residence in nearby Second & Third Avenue, the houses in Fourth Avenue were still principally in the construction phase.
At Austin Gray LLP we were entrusted to bring both buildings to market by the long-term owners – for the first time in a staggering 144 years – our aim being to find a fitting custodian for the buildings’ future.
The sale of these two buildings in Fourth Avenue presented a very rare opportunity to acquire two prestigious adjoining semi-detached Victorian properties in a revered part of the city and importantly, marks the end of an era for the family.
Time did bring about change, with the buildings no longer viable to be maintained as a single residence, permission was sought to covert Two, Fourth Avenue into 10 self-contained flats & Four, Fourth Avenue into 11 self-contained flats. All 21 units are currently let producing an income of approximately £250,000.00 pa.
In spending time with two of the current co-owners, we gained a real insight into the history that lays behind the doors of 2 & 4 Fourth Avenue, and to the importance they as a family place on their connection with the buildings. This connection has filtered through to the family as landlords, who in instructing us to market the buildings put the well-being of their tenants ‘front & centre’ of the marketing/viewing process.
2 & 4, Fourth Avenue now has a new family at the helm, for whom property is at their heart and who we are confident will oversee & care for the buildings and their occupants for generations to come.
At Austin Gray overseeing this prestigious sale, utilised our 40 years of experience as residential & professional property specialists – overseeing the sale to an explicit timeframe ahead of the abolition of Multiple Dwelling Relief – time was of the essence.
If you too are looking to dispose of an unbroken freehold property, do get in touch – we are confident in our ability to secure a seamless sale as was the case in the sale of Fourth Avenue.
