Description

  • Freehold Mixed Investment Producing Approximately £34,550 Per Annum
  • 5 x One & Two Bed Flats on Upper Parts, Retail Unit on Ground Floor Plus Two Garages
  • Prominent Corner Location in Busy Commercial Thoroughfare
DESCRIPTION This end of terrace period property is arranged over four floors as five self-contained units on the first, second and third floors, retail premises on the ground floor and two garages to the rear. The retail premises are currently let with one of the garages on a 10 year lease from 2012 on full repairing and insuring terms at a passing rent of £5,750 rising to £6,500. The residential units consist of a one bedroom maisonette, 3 x one bedroom flats and 1 x two bedroom flat. At present the property produces approximately £34,550 per annum.

Solicitors

Howlett Clarke, 8-9 Ship Street, Brighton, BN1 1AZ Tel: 01273 327272 FAO: Warren Robertson

Accommodation

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FLAT No. TENANCY
FLAT 1: Assured Shorthold Tenancy. Holding Over 28/11/2012. £550 per month
FLAT 2: Assured Shorthold Tenancy. New 6 month agreement from 10/12/2014. £475 per month
FLAT 3: Assured Shorthold Tenancy Holding over 03/04/2010. £450 per month
FLAT 4: Assured Shorthold Tenancy Holding over from 13/05/2014. £450 per month
FLAT 5: Assured Shorthold Tenancy Holding over 30/08/2012. £425 per month
Garage: £50 per month
SHOP: 10 year FRI lease from May 2012 with a break at the Fifth year. £5,750 – 1-5 yrs rising to: £6,000 6-7 yrs, £6,250 8-9 yrs & £6,500 year 10
TOTAL: £34,550 per annum
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GROUND FLOOR: RETAIL PREMISES: MAIN FRONTAGE TO SEASIDE ROAD: 3.75m RETURN FRONTAGE TO ELMS ROAD: 8.5m TOTAL WIDTH: 5.6m TOTAL DEPTH: 10.7m TOTAL NET INTERNAL FLOOR AREA: 60 SQ M Lease includes use of one of the garages to the rear of the property – measurements below. SECOND & THIRD FLOOR MAISONETTE FLAT 2: Double glazed throughout with electric storage heating. RECEPTION ROOM WITH INCORPORATED KITCHEN: 5m x 4.4m. Stairs leading to: BEDROOM: 3.2m x 3.6m. SHOWER ROOM
FIRST FLOOR: FLAT 1: Double glazed throughout with gas fired central heating. ENTRANCE HALL: Doors leading to bathroom, bedroom 2 and reception room with stairs down to bedroom 1. RECEPTION WITH INCORPORATED KITCHEN: 4.3m x 5.4m. BEDROOM 2: 3.9m x 2.6m. BEDROOM 1: 5.2m x 3.4m. Storage cupboard housing boiler. BATHROOM THIRD FLOOR FLAT 4: Double glazed throughout with electric storage heating. RECEPTION WITH INCORPORATED KITCHEN: 5.5m x 4.2m. Bay window and feature fireplace. BEDROOM: 4.2m x 3.8m. BATHROOM
FLAT 5: Double glazed throughout with electric storage heating. ENTRANCE HALL BEDROOM: 2.7m x 2.8m. Storage cupboard. RECEPTION ROOM: 4.9m x 3m. Leading to: KITCHEN: 2.2m x 1.7m. BATHROOM OUTSIDE 2 x Garages WIDTH: 2.9m DEPTH: 5.2m. DOOR WIDTH: 2.3m HEIGHT: 2.28m Each garage is of concrete construction with an up and over door. One garage is included with the lease to the shop, the second is currently let at £50 per month.
SECOND FLOOR FLAT 3: Double glazed throughout with electric storage heating. RECEPTION ROOM WITH INCORPORATED KITCHEN: 5.3m x 4.3m. Bay window BEDROOM: 3.8m x 4.1m. BATHROOM

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.