stamp duty: £88,500
mortgage fees: £1,500
conveyancing fees: £9,000
NO OF UNITS
TOTAL SQ FT
PRICE SQ FT
Opportunity to acquire a traditional period building that has recently been converted into 9 luxury apartments, with freehold, in the highly desirable area of Meads Village, Eastbourne.
The apartments are spread over three floors and have been finished to a high specification. Each apartment is unique and has 2-bedrooms and 2-bathrooms (a master bathroom and an en-suite), gas central heating and access to the communal gardens, with 4 apartments having their own private garden. There are seven parking spaces in front of the building available to purchase and the development has an ICW warranty. The total size of the property is 8,341 sqft.
The apartments each have 125-year leases and are currently vacant. The estimated aggregate rental value of the apartments is £139,320 pa (or £1,290 pcm per apartment) based on local comparables. This implies a gross rental yield of 4.7% at the asking price of £2,950,000. The total service charge budget is £11,815 pa.
The freehold has been appraised at £50,000 and the seven car parking spaces appraised at a value of £70,000. Both figures are included in the asking price.
The apartments have energy performance certificate ratings of C (73-80).
The development is in the heart of Meads Village, which is one of the finest parts of Eastbourne, to the west of the town centre. Meads high-street is just over a quarter of a mile away whilst Eastbourne's town centre, with its comprehensive shopping facilities and mainline railway station, is situated just over a mile away (a 26-minute walk or 6 minutes by car). The development is also ideally located for access to Eastbourne’s historic seafront as well as the South Downs National Park.
The University of Brighton’s Eastbourne campus, its sport centre and Welkin Halls are all based in Meads Village, bringing vibrance and students to the area. Meads Village is also spoilt for choice for good schools, both independent schools as well as Good and Outstanding state schools, both at primary and secondary school levels.
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Eastbourne is a town, seaside resort in East Sussex on the south coast of England, 19 miles (31 km) east of Brighton. Eastbourne is immediately to the east of Beachy Head, the highest chalk sea cliff in Great Britain and part of the larger Eastbourne Downland Estate.
It is a popular area for people looking to escape city life and in 2013 was voted the fourth best place to live by the sea in the UK.
As a seaside resort Eastbourne has a large and increasing income from tourism, with revenue from tourism increased by conferences, public events and cultural sightseeing. Eastbourne has a broad economic base and is home to companies in a wide range of industries in trade and retail, healthcare, education, construction, manufacturing, professional scientific and the technical sector.
Eastbourne has regeneration underway with an £85million investment to improve the town centre, develop the shopping and recreational facilities at the Arndale Centre and build the Devonshire Park sport and cultural complex. Combine this with Eastbourne’s direct trains to London Victoria, it will only attract more people to this fantastic location and property prices are likely to continue to rise.
Eastbourne is the amongst the fastest growing seaside towns in the UK. It is predicted by Savills that in the next 4 years the South East will see around a further 20-25% rise in property prices.
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