For Sale By Auction | 14:30, 05 March 2020 | Lot 9

33 Mighell Street & 70a Carlton Hill, Brighton, BN2 0JF

*Guide | £1,100,000 - £1,200,000 (plus fees)

  • Mixed Use

Call the team on 01273 201989 for more information

Auction Date

Thu 05/03/2020

Auction Time

14:30

Auction Venue

The Hove Club, 28 Fourth Avenue, Hove, BN3 2PJ

Freehold mixed-use investment comprising 9 flats sold-off & 3 office suites. Fully let producing £88,400 pa

A 5 storey detached, newly built mixed-use investment comprising 9 flats each sold off on 125 year leases with three office suites on the ground floor and part first floor.

situation

The property is centrally situated adjacent to the recently built American Express HQ building on John Street and close to the new Circus Street mixed-use development, which is due to provide 142 new homes and 450 student rooms. The area has been the subject of considerable investment over the past few years and this looks set to continue with the development of the Edward Street Quarter on the site of the former American Express 'Wedding Cake' building.

accommodation

Residential 9 flats over part first, second, third and fourth floors all sold off on 125 year leases from circa 2019 producing a combined initial ground rent of £900 per annum. Office First floor office: Let on a 10 year lease from 4th June 2019 at a rent of £15,000 per annum. There is a tenant break option at the 5th anniversary. Ground floor west: Let on a 5 year lease from 17th May 2019 at a rent of £48,000 per annum following a discount in the first year to allow for tenant fit-out. There is a tenant break at the 3rd anniversary. Ground floor east: Let on a 3 year lease from January 2020 at a rent of £24,500 per annum. There is a tenant break at the 2nd anniversary. The sale of the freehold will be by way of a transfer of 100% share capital in the holding company. This is the only asset the company holds. Further details will be available in the legal pack.

Additional Fees

Administration Charge - Purchasers will be required to pay an Administration fee of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £660 (£550 plus VAT)

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.