A freehold residential investment close to Eastbourne centre and seafront with a current rent of £31,764 PAX, representing an initial gross yield of 10.9% PAX. Comprising a significant, extended end terrace property configured as 4 individual flats currently let. Requiring modernisation and providing the opportunity to sub-divide or re-develop (STPP) and uplift in rent. For sale as a single freehold lot, suitable for cash buyers.
Auction date
To be sold by online auction on Tuesday 30th April 2024 with a 6 WEEK COMPLETION, bidding will open at 10.00.
Registration
All bidders/potential buyers are required to register ahead of the auction date to be able to bid/buy, please visit our website to setup an online auction account.
Tenure
Freehold, sold subject to tenancies.
Tenancies
Garden Flat (43): let on an AST from 10.02.22 for 12 months at £665 PCM, now periodic current rent £698 PCM. 43A: let on an AST from 15.05.13 for 6 months at initial rent of £625 PCM, now periodic current rent £682 PCM. 43B let on an AST from 22.10.21 for 12 months at £650 PCM, now periodic current rent £717 PCM. 43C let on AST from 08.03.2017 at initial rent of £425 PCM, now periodic current rent £550 PCM. Please see legal pack for further details.
EPC rating
Garden Flat E, 43a E, 43b C, 43c E
Council tax band
A - Eastbourne
Legal pack
For each lot there are Special Conditions of Sale and other documentation provided by the vendor's solicitors. If you wish to receive the Legal Pack, you will be able to register for this via the link on our website. You will receive notification by email once the Legal Pack is received from the solicitor.
Additional fees
A buyers charge of £1,200 including VAT is payable on each lot that you buy, in addition to the sale price. Please be aware there may be other additional fees, including disbursements contained in the legal pack payable on completion. Please ensure that you check the legal pack for each lot that you are interested in, prior to bidding.
Pre-auction offers
These must be made in writing and will only be considered if the Legal Pack has been inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are only considered on an auction basis in accordance with the “Terms & Conditions - Unconditional Auction".
Please note
All plans are strictly for identification purposes only and should not be relied upon. Please refer to the legal pack for the Land Registry plan of each lot. Any plans are reproduced from Ordnance Survey maps with kind permission of the Controller of Her Majesty's Stationery Office @ Crown copyright. All rights reserved, Licence no: 100020449.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.
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If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.
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