Property Summary

An unusual opportunity to acquire this substantial semi detached freehold property, which has been converted into 10 self contained units. Within the freehold includes 7 flats which are currently let on Assured Shorthold Agreements producing £62,220 per annum. The remaining 3 flats in the building have been sold off on long leases, producing a ground rent income of £275.00 per annum.

Situation

Situated just North of Church Road being the main shopping thoroughfare with bars and restaurants, and is within walking distance to Hove seafront and promenade - this is a fantastic location in Central Hove. Hove mainline station is a 5 minute walk to the North (London Victoria 67 minutes)

NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY

Rent

Flat 3 - £880 pcm (rolling contract)
Flat 4 - £650 pcm (rolling contract)
Flat 5 - £800 pcm (fixed term until August 2022)
Flat 6 - £775 pcm (rolling contract)
Flat 8 - £750 pcm (rolling contract)
Flat 9 - £650 pcm (rolling contract)
Flat10 - £680 pcm (rolling contract)

lot type

Residential

accommodation

Flat 3 - (1 Bed Ground Floor Rear, with part of the garden) - 39 sqm
Flat 4 - (Studio Ground Floor Front) - 24 sqm
Flat 5 - (1 Bed First Floor Rear) - 34 sqm
Flat 6 - (1 Bed First Floor Front) - 33 sqm
Flat 8 - (1 Bed Second Floor Front) - 36 sqm
Flat 9 - (Studio Third Floor Rear) - 37 sqm
Flat 10 - (Studio Third Floor Front) - 25 sqm

Leases

Flat 1 - 99 year lease from 25th March 1989 - 66 years remaining
Flat 2 - 125 year lease from 1st June 2007 - 110 years remaining
Flat 7 - 125 year lease from 1st June 2007 - 110 years remaining

Ground Rents

Flat 1 - Current rent £75 pa increasing every 25 years in the term £110/£175
Flat 2 - Current rent £100 pa doubling every 25 years
Flat 7 - Current rent £100 pa doubling every 25 years

EPC's

Flat 3 - E
Flat 4 - E
Flat 5 - E
Flat 6 - D
Flat 8 - D
Flat 9 - G
Flat 10 - F

Tenure - Freehold

type

Freehold investment producing £62,495 per annum

description

An unusual opportunity to acquire this substantial semi detached freehold property, which has been converted into 10 self contained units. Within the freehold includes 7 flats which are currently let on Assured Shorthold Agreements producing £62,220 per annum. The remaining 3 flats in the building have been sold off on long leases, producing a ground rent income of £275.00 per annum.

Situation

Situated just North of Church Road being the main shopping thoroughfare with bars and restaurants, and is within walking distance to Hove seafront and promenade - this is a fantastic location in Central Hove. Hove mainline station is a 5 minute walk to the North (London Victoria 67 minutes)

NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY

Rent

Flat 3 - £880 pcm (rolling contract)
Flat 4 - £650 pcm (rolling contract)
Flat 5 - £800 pcm (fixed term until August 2022)
Flat 6 - £775 pcm (rolling contract)
Flat 8 - £750 pcm (rolling contract)
Flat 9 - £650 pcm (rolling contract)
Flat10 - £680 pcm (rolling contract)