Freehold residential HMO investment property, producing £91,564pa

A Grade II listed, bow fronted, 6-storey terraced building arranged as a mixture of self contained studio flats and bedsits with shared facilities. There are two flats in the basement that are sold off on long leases with no ground rent income. The exterior front of the building was re-painted in 2017.

Lot Type

Residential Investments

situation

The property is located in a sought after central location close to the shops, bars and restaurants of Western road and a short stroll from the seafront. Bus services run close by to all parts of the City and Hove railway station is 1 mile away.

accommodation

Ground Floor - 3 studios each let at £9360pa Half landing - Bedsit let at £5145.84 First Floor - Bedsit let at £5040pa and studio at £9360pa. Shower room. Half Landing - Bedsit let at £4750.08pa Second Floor - Bedsit let at £5040 and studio at £9360pa. Shower room. Half Landing - Bedsit let at £5145.92pa Third Floor - Bedsit let at £ 5146.56pa and studio at £9360pa. Shower room. Fourth Floor - Bedsit let at £ 5136pa. Total annual rent £91,564.40. All of the tenants are either on Housing Benefit or Universal Credit paid direct to the landlord. Electricity for the flats is on cards purchased from the landlord.

Additional Fees

Administration Charge - Purchasers will be required to pay an Administration fee of 0.5% (inc VAT) of the sale price, subject to a minimum of £1,500 (£1,250 plus VAT)

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