2&4 Fourth Avenue, Hove, BN3 2PH

situation

Fourth Avenue is situated in The Avenues Conservation Area, with Hove Lawns and Seafront just minutes away, as is Church Road offering a variety of shops and restaurants. Hove mainline railway station is less than a mile from the property (London Victoria 67 minutes).

private treaty - sale status

SOLD 2024

type

Freehold Investment Comprising of 21 Flats

description

A unique opportunity to acquire, two adjoining freehold properties in one of the iconic ‘Avenues’ in central Hove. 2 & 4 Fourth Avenue, is arranged as 21 self-contained units – made up of studios, 1–bedroom and 2-bedroom apartments. All 21 units are currently let producing an income of approximately £248,469.96pa. This large and imposing unbroken Freehold with original features, has the added benefit of rear gardens and multiple storage rooms.

History 2 & 4 Fourth Avenue has uniquely, been held in the same family ownership since it’s construction in 1879. Austin Gray LLP are delighted to be instructed to bring the buildings to market, overseeing a change in ownership for the very first time - marking the end of the family’s 144-year ownership and the end of an era for the family.

During the family’s ownership, time has brought about change - with the buildings no longer viable to be maintained as single residences, permission was sought to covert 2, Fourth Avenue into 10 self-contained flats & 4, Fourth Avenue into 11 self-contained flats.

Tenure Freehold

Existing Rent 2 Fourth Avenue - £9,987.50 pcm / £119,850.00 pa
4 Fourth Avenue - £10,718.33 pcm / £128,619.96 pa

Total - £20,705.83 pcm / £248,469.96 pa

Floor Areas 2 Fourth Avenue - 456.5 sq.m.
4 Fourth Avenue - 498 sq.m.

Total Floor Area - 954.5 sq.m.

Legal Fees Each party will be responsible for their own costs incurred in relation to the transaction.