NO OF UNITS
TOTAL SQ FT
PRICE SQ FT
Please note that this is an off-market opportunity that is available to qualified buyers only.
Please get in touch and quote the reference number above to speak to a member of our sales team who can advise on the information that will be required from you in order for us to be able to share more detailed and confidential information related to the opportunity.
This property is being sold on an off-market basis by Vesta and presents a rare opportunity to acquire a strong yielding modern apartment block, with freehold, in the South of England, backed by a strong covenant to a major corporate tenant.
The property, based in the centre of Eastbourne, comprises 18 apartments over five floors, with all apartments currently tenanted and generating £221,860 of gross rental income in total per annum.
The principal tenant is a large international corporation who rents the majority of the apartments on a commercial lease basis and makes quarterly rental payments in advance. The freeholder is responsible for insurance and maintenance (including cleaning). The corporate tenancy is in its fifth year, having renewed and expanded the apartments subject to the commercial lease for the past 5 years on 12-month terms, which now run to September 2020.
The remaining apartments are rented to students on assured shorthold tenancy agreements.
The block comes with freehold, allocated parking and all apartments are furnished to a contemporary standard.
Managed operating costs are around £75,000 per annum, which include management costs, cleaning and linen, maintenance, utilities and insurance.
The block is based in Eastbourne town centre, within a 5-minute walk to Eastbourne train station, a 15-minute walk to The Beacon shopping mall and a 20-minute walk to Eastbourne Pier and Grand Parade.
Over the past five years, Eastbourne has been quietly reinventing itself into an exciting creative hotspot with a reputation as a growing centre for digital technology. Tourism remains a vital part of the local economy, attracting over 5 million visitors each year, with a visitor economy worth over £336 million.
The area is also set to benefit from a proactive regeneration plan led by Eastbourne Borough Council, including the new £54 million Devonshire Park Quarter redevelopment (a 20-minute walk away), which will provide cultural, state-of-the-art conferencing and sporting facilities, major highway improvement works (in partnership with East Sussex Council), as well as the recent £85 million investment by Legal & General into The Beacon shopping centre extension. These projects continue to underpin economic growth within the area and Eastbourne’s status as one of the fastest growing seaside towns in the UK.
Please contact our sales team for further details.
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.
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.
All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.
Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
In no event will we be liable for any loss or damage, including without limitation any loss or damage arising directly or indirectly out of or in connection with the use of this website and the information contained therein.
Copyright © 2020 Vesta Global Limited. All rights reserved.