FREEHOLD INVESTMENT ** £59,100 per annum (SCOPE TO INCREASE) ** 3 x 2 Bedroom flats & 2, Studio Flats & Commercial
227 Terminus Road, Eastbourne, BN21 3DH
- 3
Key features
Guide Price: *
£750,000
Fees apply
Reservation fee:2.4% (min. £7,200)
All fees include VAT at 20%
Auction Type:
Conditional
Opening bid:
£750,000Bid history
0 bids** This property is for sale by Milestone Online Auction. **
Please visit the Milestone Sales & Lettings website and click 'Online auctions' on the main menu at the top.
https://milestonesalesandlettings.co.uk/online-auctions/
In order to bid click 'Register' and verify your email
Then do the following via the 'Dashboard':
• Join the watchlist
• Pass an ID check
• Enter your payment details
FREEHOLD INVESTMENT ** £59,100 per annum **3 x 2 Bedroom flats & 2, Studio Flats & Commercial ** Planning Permission Granted for Air Space Development for additional 1 Bedroom Flat **
Milestone Sales are delighted to introduce to the market this Freehold building comprising commercial premises and 5 flats.
The flats are 3 x 2 bedrooms and 2 x studio apartments all rented out on AST's.
Studio - Flat 1 = £525pcm
2 Bed - Flat 2 = £750pcm
Studio - Flat 3 = £525pcm
2 Bed - Flat 4 = £775pcm
2 Bed - Flat 5 = £850pcm
Commercial = £1500pcm
Total Current = £59,100pa
Agent notes
The rents can be improved on quite dramatically and in our assessment. If minor cosmetic updating was completed these flats could rent for
Flat 1 = £600pcm
Flat 2 = £925pcm
Flat 3 = £600pcm
Flat 4 = £925pcm
Flat 5 = £925pcm
Commercial = £1500pcm
Total Proposed = £65,700pa
Terminus Road is under going a vast multi-million pound rejuvenation and plans have been proposed to pedestrianise the road resulting in additional footfall which will result in a vast increase in consumer spending. The building is 50 yards from Eastbourne's award winning and stunning seafront.
Eastbourne mainline translation is within close proximity by walking distance and everything this joyous seaside has to offer is on your door step.
Planning permission has been granted to develop the air space and add an additional one bedroom flat.
Agent Perspective - The rental income reflected above can be improved upon. We note from comparable data a 2 bedroom flat in this area should be renting between £900 - £950pcm in good condition A Studio Apartment should rent in th region of £550 - £650pcm. The buyer must pay a reservation fee of 2%+VAT minimum £6,000+VAT on top of the purchase price.
Summary
- Auction end
- 31st Jan at 13:18
- Property type
- Commercial
- Tenure
- Freehold
- Bedrooms
- 8+
- Bathrooms
- 5+
- Council tax band
- Ask Agent
†Conditional auction
If the reserve is met or exceeded and the auction timer reaches zero, an exclusivity period begins in relation to that property. The successful bidder is contractually required to exchange on the property on or before the expiry of 20 working days from the end of the auction (unless otherwise stated in the "Other Key Info" section in the listing above). All properties sold by conditional auction are sold subject to a reservation fee which is clearly stated in the terms and conditions attached to the property and in the bidding box before a bid is placed. The reservation fee is payable in addition to the final purchase price and is received on a non-refundable basis, subject to the terms of the Reservation Agreement. To ensure that the successful bidder proceeds, the winning buyer is automatically charged a reservation fee and agrees prior to making their bid, to pay any outstanding amount of the property reservation fee immediately at the end of the auction. The auctioneer will be authorised to sign the reservation agreement on both the buyer’s and seller’s behalf. If by the seller’s act, exchange does not occur on or before the expiry of 20 working days from the end of the auction (unless otherwise stated in the "Other Key Info" section in the listing above), the reservation fee shall be fully refunded to the buyer. If the buyer fails to exchange on or before the expiry of 20 working days from the end of the auction (unless otherwise stated in the "Other Key Info" section in the listing above), they will forfeit the full amount of the reservation fee.Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Milestone Sales & Lettings shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Milestone Sales & Lettings. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.