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The newly built stadium has been named as the best new sporting stadium in the world
Read more89 Church Road, Hove BN3 2BB 
A freehold mixed residential and retail investment
£625,000 For sale by sealed bidsA substantial five storey part bay fronted terraced property with two commercial lets in the basement and on the ground floor and two x two bedroom flats and one x three bedroom flat above with separate entrance to the commercial side. A first rate investment with a good income.
Initial outlay required: £287,850SOLD
Location:The property is located in a prime commercial area of Hove being on the north side of the road close to the junction with The Drive. This busy section of Church Road is predominately offices on the north side and restaurants, coffee houses and shops on the south side. Church Road is a major bus route and Hove mainline station is a ten minute walk.
Description: The three flats are let on short hold tenancies and are in need of some modernisation to ensure the best possible rents. The ground floor is trading as a hairdressers with two major rooms, wc and storeroom, also utilizing part of the basement as a staff room and laundry room. (total 740 sq feet) This is let on a 5 year lease at a rent of £10,300 pa on a full repairing and insuring basis. The lower ground floor is used as an office on a 3 year lease let a £8,012 pa internal repairing only. (total 600 sq feet)
Approximate Area: 5 floors of 700 + sq feet each
Residential Accommodation:
Flat 1,
Living room 21'10 x 13'2 Original fireplace,
Bedroom 1, 14'x 6'9,
Kitchen 15'6 x 4'8,
Bedroom 2, 16'11 x 13'2,
Bedroom 3, 13'2 x 6'1,
Bathroom 8'2 x 4'9Flat 2,
Living room 18'10 x 11'6
Bedroom 1 18'10 x 8'2
Bathroom 6' x 5'
Kitchen 11'9 x 8'1
Bedroom 2 17'3 x 11'2
Flat 3,
Living room 19' x 11'7
Bedroom 1 19' x 8'3
Kitchen 13 x 9'7
Bathroom 7'5 x 4'8
Bedroom 2 17'5 x 10'
The flats presently produce an income of £25,800 pa, but after modernisation this should increase to £36,000Outside: Good sized garden, unused.
Outgoings:
Lease: Freehold
Maintenance: £3,000 estimated to include building insurance
Ground Rent: £0Recommended Update: 3 x new bathrooms, 3 x gas central heating, decoration, carpets, blinds, appliances, work to roof, work to plasterwork
A professional electrical survey may reveal work not covered by the update.
These details are produced in good faith but are set out as a guide only and do not constitute any form of contract nor any statement contained therein to be representation or warranty. Any intended purchasers must satisfy themselves by inspection or under advice of their solicitor particularly in context of any approved plans for other on site or nearby development.
FINANCIAL FORECAST: 89 Church Road, Hove BN3 2BB
Financial Forecast GuideAsking Price £625,000 Set Up Costs Solicitors Fees £5,000 incl VAT excl disbursements Research Fee £5,000 Purchase Costs Assumed Purchase Price £625,000 Estimated Update £59,100 incl 10% supervision fee Stamp Duty £31,250 commencing @ 5% over £500k TOTAL £715,350 Estimated Rental Income Rent per week £1,040 Rent per month £4,500 Rent per year £54,080 Owner's Annual Operating Costs Rental Agent's Fees £9,328 @ 15% plus VAT Ground Rent £000 per annum Maintenance Charge £3,000 per annum TOTAL £12,328 per annum Summary Gross Rent Per Year £54,080 Annual Operating Costs £12,328 Nett Cash In Hand pa £42,350 Nett Cash In Hand pm £3,520 Mortgage - Assuming 70% Loan £437,500 Total Cash Outlay £287,850 < Previous Next >
