House For Sale £700,000
Earl Street, Hastings

FOR SALE BY AUCTION on 28th June 2023
Guide Price £700,000

A high yielding mixed freehold residential/commercial investment comprising of 7 self contained flats all let on AST's and garage trading as a vehicle repair centre to the ground floor let under the terms of a standard Law Society Lease expiring on 23rd February 2028. We are advised that the lease is outside of the 1954 Landlord & Tenant Act however all interested parties are advised to confirm this with their legal representatives prior to making a commitment to purchase.

Flat A £495 pcm 1 bedroom
Flat B £495 pcm 1 bedroom
Flat C £495 pcm 1 bedroom
Flat D £525 pcm 1 bedroom
Flat 1 £650 pcm 2 bedroom
Flat 2 £595 pcm 1 bedroom
Flat 3 £595 pcm 1 bedroom
Garage £1,300 pcm

Gross yield of circa 8.8%

It is considered that flat 1 has a rental value of £750 pcm whilst flats 2 and 3 have a rental value of £650 pcm whereupon if implemented would provide for a revised rent of £64,350 per annum at a gross yield of circa 9.2%.

Significant Break Up Value Included of circa £220,000 at 30%

Flats A,B,C & D are all within a very attractive courtyard setting with communal outside space with each having their on private access.