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22 Seafield Road, Hove, BN3 2TP Print E-mail

22seafield-small.jpgA LARGE DOUBLE FRONTED BUILDING WHICH HAS BEEN CONVERTED INTO 4 APARTMENTS
£775,000 FREEHOLD

A superb opportunity to acquire 3 large two bedroom apartments and one three bedroom apartment each occupying the whole floor in a four storey building.  The flats benefit from gas central heating and are all occuppied on shorthold leases.
Initial outlay required: £331,500

SOLD

Location: Seafield Road runs south from Church Road to the Kingsway.  The area has excellent local shopping facilities and a superb fast frequent bus route to the city centre.  Hove's seafront with its lawns, promenades, bathing beaches is less than 5 minutes stroll.  Both Brighton & Hove mainline stations are within easy reach making Lodon about an hour from the front door.

Description: An imposing four storey double fronted property in which each floor has been converted into a self contained flat, all the flat are gas central heated.

Approximate Area: each floor is approx 800 sq feet

Flat 1 - LGF with own entrance, 2 double bedrooms, large lounge, large kitchen, bathroom with modern suite and separate shower, rear patio garden.

Flat 2 - Ground floor, 2 double bedrooms, large West facing lounge, East facing kitchen and bathroom with white suite.

Flat 3, First Floor, 3 double bedrooms, Large lounge, kitchen, bathroom with second cloakroom containing low level wc and basin.

Flat 4, Second floor, 2 double bedrooms, large lounge, large kitchen, bathroom.

Outgoings:

Lease: Freehold
Maintenance: £4,000
Ground Rent: £0

Recommended Update: Please see the property details of each flat for our update recommendations

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: 22 Seafield Road, Hove, BN3 2TP
Financial Forecast Guide

Asking Price £775,000  
 
Set Up Costs
Solicitors Fees £3,000 incl VAT excl disbursements
Research Fee £5,000  
 
Purchase Costs
Assumed Purchase Price £775,000  
Estimated Update £60,000 incl 10% supervision fee
Stamp Duty £31,000 commencing @ 4% over £500k
TOTAL £866,000  
 
Estimated Rental Income
Rent per week £740  
Rent per month £3,208  
Rent per year £38,506  
 
Owner's Annual Operating Costs
Rental Agent's Fees £6,786 @ 15% plus VAT
Ground Rent £0 per annum
Maintenance Charge £4,000 per annum
TOTAL £10,786 per annum
 
Summary
Gross Rent Per Year £38,506  
Annual Operating Costs £10,786  
Nett Cash In Hand pa £27,720  
Nett Cash In Hand pm £2,310  
 
Mortgage - Assuming 70% Loan £542,500  
 
Total Cash Outlay £331,500  
 
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