Eastbourne, BN20 7SU | Investment Property for Sale | VES-BN20-001

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

£3,180,000

9-unit Block

VES-BN20-001

INITIAL INVESTMENT

£900,900

Based on

deposit: £795,000

stamp duty: £95,400

mortgage fees: £1,500

conveyancing fees: £9,000

GROSS RENT

£139,320

GROSS YIELD

4.4%

ADD TO FAVOURITES

The block

TENURE

Freehold

NO OF UNITS

9

TENANCY STATUS

Vacant

FURNISHED

No

TOTAL SQ FT

8,341

PRICE SQ FT

£381

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 4.4% at the asking price of £3,180,000. 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.

Floorplans

Documents available on request, please contact for viewings or further questions.

The information relating to this property is supplied by the vendor and was the latest available information at the time of listing. Certain information may expire or become inaccurate over time.

Vesta makes no warranty as to the accuracy or completeness of the property listing or any associated information. All information should be reviewed by the purchaser and their solicitor.

About Eastbourne, East Sussex

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.

Denton Road,

Eastbourne,

East Sussex,

England,

BN20 7SU

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