House For Sale £575,000
Upper Lewes Road, Brighton

FOR SALE BY AUCTION ON 28th June 2023
Auction Guide £575,000

Freehold Residential Investment comprising of 3 completely self contained flats.

GROUND FLOOR FLAT
1 bedroom flat measuring approximately 44 sq m in size with with garden let to a 1977 Rent Act Tenant via a registered rent at £750 pcm. We are advised that the rent is able to be applied for an increase in November 2023 however buyers should check the contents of the legal pack in order to clarify this point.

FIRST FLOOR FLAT
2 bedroom flat measuring approximately 38.23 sq m in size let to an Assured Shorthold Tenant at a passing rent of £1,1000 pcm.

SECOND FLOOR FLAT (TOP)
1 bedroom flat measuring approximately 33 sq m in size let to an Assured Shorthold Tenant at a passing rent of £900 pcm.

IN THE OPINION OF THE AUCTIONEERS, IT IS CONSIDERED IN RESPECT OF THE FIRST AND SECOND FLOOR FLATS THE RENT IS SIGNIFANTLY BELOW MARKET VALUE AND HAS MEANINGFUL SCOPE FOR RAISING.

Current passing rent per annum £33,000 with significant scope to increase at the earliest opportunity as the first and second floor flats are currently holding over via a periodic tenancy.

A meaningful break up discount has been included within the guide price offering immediate capital uplift if required.

Situated within the ever popular Poets Corner close to the city centre of Hove with is comprehensive range of shops, bars, restaurants, boutiques, coffee shops whilst there is easy access to Hove Mainline Railway Station and the seafront.