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20 Dolphin Court, Hove Street, Hove BN3 2DN Print E-mail

THIRD FLOOR TWO BEDROOM PURPOSE BUILT FLAT          20dolphincsmall
£164,950 Leasehold

A two bedroom 3rd floor purpose built flat with South facing balcony, situated in this sought after central Hove location close to the seafront.  Nearby there are good shopping facilities, restaurants, cafes and bars.  The flat requires updating and this is reflected in the asking price.
Initial outlay required:  £66,745

SOLD


Location:  Dolphin Court is situated on the South end of Hove Street where there are are host of recreational facilities to be found including the King Alfred Leisure Centre, Hove lawns, Hove and Kingsway bowling greens - all alongside Hove's famous promenades and bathing beaches.  Hove Library and Hove Museum are nearby and Hove mainline railway station is also within easy reach.

Description: A good sized two bedroom flat on the third floor which requires updating.   It benefits from full double glazing and communal heating and hot water.  When refurbished it will be a great flat for rental. 

Approximate Area: 486 square feet

Stairs and Lift to third floor

Entrance: Small lobby

Lounge: 17'3 x 9'10 extending to 11'11  Central heating radiator, double glazed doors to:

South facing Balcony with pleasant outlook.

Kitchen:  9'11 x 5'7  Single drainer sink, laminate work surface, base units, space for fridge, freezer, cooker and washing machine.  Eye level wall cupboards, upright cupboard, part tiled walls and extractor hood, sliding door to lounge.   (Needs updating completely)

Bedroom:  12'10 x 10'  Central heating radiator, recess cupboard

Bedroom: 12'3 x 7'4  Central heating radiator, recess cupboard

Bathroom:  Arranged as shower room, shower cubicle, wash hand basin, bidet and low level ec, part tiled walls and central heating radiator.  (Needs updating to include bath)

Outgoings:

Lease:  99 years from May 2008
Maintenance:  £1,810 per annum - includes heating
Ground Rent:  £149 per annum

Recommended Update: New Kitchen, New Bathroom, Redecoration, Carpets, Blinds, Appliances.

A professional electrical survey may reveal work not covered by the update. It is recommended that an electrical survey is carried in additon to the valuation survey at a cost of GBP 180.00 (inclusive of VAT)

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: 20 DOLPHIN COURT, HOVE STREET HOVE BN3 2DN

Financial Forecast Guide

Asking Price £164,950  
 
Set Up Costs
Solicitors Fees £700 incl VAT excl disbursements
Research Fee £2,000  
 
Purchase Costs
Assumed Purchase Price £160,000  
Estimated Update £15,000 incl 10% supervision fee
Stamp Duty £1,600 commencing @ 1% over £175k
TOTAL £176,600  
 
Estimated Rental Income
Rent per week £207  
Rent per month £897  
Rent per year £10,764  
 
Owner's Annual Operating Costs
Rental Agent's Fees £1,938 @ 15% plus VAT
Ground Rent £149 per annum
Maintenance Charge £1,810 per annum
TOTAL £3,897 per annum
 
Summary
Gross Rent Per Year £10,764  
Annual Operating Costs £3,897  
Nett Cash In Hand pa £6,867  
Nett Cash In Hand pm £572  
 
Mortgage - Assuming 70% Loan £114,800  
 
Total Cash Outlay £68,540  
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