A 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
SALE AGREED
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 | |