2 Adjoining buildings part commercial/part residential producing £49,000 per annum with future potential to convert to 2 houses (subject to consent)
Built between 1822-1830 as 2 Houses the properties comprises one inner terraced and one end terrace buildings each on 3 storeys plus basements arranged as ground floor commercial unit and 2 self contained residential flats over. Commercial Ground and basement with whole of rear garden trading as Busby and Wilds Gastro Eatery - www.busbyandwilds.co.uk 16 year lease from 12/October/2009 Current rent £22,000 per annum FRI terms -extending to circa 82 sqm on ground floor +basement Residential Separate entrance on East side of building leading to 2 good size 3 Bedroom flats each around 82 sq m (880 sq ft) - see floor plans - each with Bath/Shower/wc and second shower/wc One flat Let at £1150 pcm and the other at £1100 pcm Current rent total from flats £27,000 per annum NOTE -This building is VATABLE and will be a TRANSFER AS A GOING CONCERN (TOGC)
Situated in the East Cliff Conservation area of Kemp Town adjacent Sussex Square and within a 10 minute walk of central Brighton with all the facilities of the City centre. Brighton Seafront and Promenade is within a few minutes walk.
There is potential in our opinion to let the 2 flats on an HMO basis and doing so could increase the total rental income to circa £60,000 per annum +. A further reversionary opportunity exists to return the buildings into 2 Houses subject to consents.
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 £900 (£750 plus VAT)
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.