Opportunity to acquire a redeveloped period building of 9 luxury apartments, parking & freehold, in Eastbourne

Property information

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.

• Apt 1 – Ground floor, 884 sqft, parking, private garden
• Apt 2 – Ground floor, 919 sqft, private garden
• Apt 3 – First floor, 682 sqft, parking, communal garden
• Apt 4 – First floor, 1,066 sqft, communal garden
• Apt 5 – First floor, 769 sqft, communal garden
• Apt 6 – Second floor, 721 sqft, communal garden
• Apt 7 – Second floor, 690 sqft, parking, communal garden
• Apt 8 – Ground floor maisonette, 758 sqft, parking and private garden
• Apt 9 – Ground floor, 701 sqft, parking and private garden

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).

Location information

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.

Note

Please note that Vesta has not visited this property and that all material has been provided by the vendor.