We have been instructed to seek offers for the freehold interest of the above premises with the benefit of the long leasehold of 11 flats paying ground rent with the additional benefit of 4 off road car parking spaces that are currently vacant
The property comprises a four-storey detached period building in the affluent Lower Meads, Eastbourne.
Three flats have not yet extended their leasehold term and currently have 64 years or less remaining.
Ground rent income is £1,050 per annum. The car spaces have a rental value of £750 each producing £3,000 p.a.
Total Income £4,050
Guide Price - Offers are invited in the region of £65,000 for the valuable freehold and 4 vacant car parking spaces, showing a gross yield potential of circa 6.1%.
Freehold To Block of Flats & 4 Car Parking Spaces with the benefit of the Long Leasehold of 11 Flats paying Ground Rent
The property is situated on the northern side of Compton Street close to the junction with Silverdale Road. It is in within yards of the five star rated Grand Hotel, theatres, art gallery, Devonshire International Tennis Centre and seafront. The town’s shopping precinct, bus and train stations are within 5 mins walk.
Eastbourne has a population of 105,000 and is located approximately 19 miles west of Hastings and 22 miles east of Brighton.
Each party to be responsible for their own legal fees.
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