Description

  • Freehold Mixed Investment Producing £24,800 Per Annum
  • Two x 2 Bed Flats on Upper Parts and Retail Unit on Ground Floor
  • Prominent Town Centre Location
DESCRIPTION This mid-terraced property is arranged over three floors as two self-contained 2 bed flats on the first and second floors and retail premises on the ground floor. The retail premises are currently let on a 15 year lease from July 2007 on full repairing and insuring terms at a passing rent of £9,500 per annum. The residential units are in good decorative order and benefit from fitted carpets and double glazing throughout. Both flats are currently let on assured shorthold tenancies with the first floor flat benefiting from a south east facing sun terrace. At present the property produces approximately £24,800 per annum.

Solicitors

M K Ashton & Co Solicitors, Ashton Commercial Ltd, Suite 3, First Floor Sensor House, 10-12 Lewes Road, Brighton, BN2 3HP Tel: 01273 273530 FAO: Mark Ashton

Accommodation

Column 1 Column 2
GROUND FLOOR
RETAIL PREMISES
RETAIL AREA: Depth: 13.7m x Width: 3.9m
STORE ROOM: Depth: 9m x Width: 3.2m narrowing to 1.9m

OFFICE: 3m x 2.6m.
KITCHEN AREA: 2.3m x 1.9m
SEPARATE LADIES AND GENTS WCS
OUTSIDE:
2 x STORAGE ROOM
FIRST FLOOR
FLAT 6 – Double glazed throughout
ENTRANCE HALL: Two recessed storage cupboards – housing hot water tank and electric meter – with cupboards over. Night storage heater.
BATHROOM: White suite comprising side panelled bath with electric shower over, pedestal wash basin and low level WC
KITCHEN: 4.4m x 1.6m. Coloured base and eye level units, stainless steel sink and recessed storage cupboard with cupboard over.
BEDROOM 1: 5.2m x 2.9m. Night storage heater.
LOUNGE: 5.9m x 4.2m. Night storage heater
BEDROOM 2: 3.9m x 3.4m. Night storage heater
OUTSIDE: Sun terrace.

SECOND FLOOR
FLAT 11 – Double glazed throughout
ENTRANCE HALL: Two recessed storage cupboards – housing hot water tank and electric meter – with cupboards over. Night storage heater.
BATHROOM: White suite comprising side panelled bath with electric shower over, pedestal wash basin, low level WC and fan heater.
KITCHEN: 4.8m x 1.7m. Coloured base and eye level units, stainless steel sink, space for cooker & hob and recessed storage cupboard with cupboard over.
BEDROOM 1: 5.1m x 2.9m. Night storage heater.
LOUNGE: 5.9m x 3.3m. Night storage heater
BEDROOM 2: 3m x 3.4m. Night storage heater
TENURE
Freehold, subject to existing tenancies.
NB: The two residential units have 125 year leases registered from 1st December 2003.
Column 1 Column 2
UNIT TENANCY
Flat 6 – Assured Shorthold Tenancy Start date TBC > 5 years £650 per calendar month
Flat 11 – Assured Shorthold Tenancy Start date TBC > 5 years £625 per calendar month
Retail Unit – 15 year Full Repairing and Insuring Lease from 24th July 2007 £9,500 per annum with rent reviews at the end of every fifth year.
TOTAL £24,800 Per Annum

Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.