GROUND FLOOR PURPOSE BUILT STUDIO FLAT
£115,000 LEASEHOLD
A spacious studio apartment at one of the most prestigious locations in Hove. This ground floor property benefits from a private balcony and use of the communal gardens.
Initial outlay required: £37,645
SOLD
Location: Grand Avenue is one of the most sought after roads in Hove. This central Hove location offers superb shopping facilities and a cosmopolitan selection of bars and restaurants. The lawns, promenades and beaches of Hove seafront are just a short walk away, as is Sussex County Cricket Ground. Hove's mainline railway station provides fast, frequent links London and Gatwick Airport and the local buses provide quick, regular services to Brighton city centre and beyond.
Description:A well presented, spacious studio situated on the ground floor of a prestigious apartment block. This property further benefits from a modern kitchen and a private balcony
Approximate Area: 310 square feet
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Entrance: Impressive communal entrance hall. Door to Flat 26 on the ground floor leading to hallway with large built in storage cupboards, radiator and door entry phone.
Studio Room: 15'2 x 13'6 A very attractive East facing room with French doors leading to the private balcony and communal gardens. Neutral carpet, two radiators.
Kitchen: 9'5 x 5'8 Modern kitchen comprising a range of wall, base and drawer units with black rolled edge work surfaces over. Inset four ring hob with oven under and cooker hood over. Inset sink with mixer tap, integrated dishwasher. Space for appliances, part tiled walls, window overlooking communal gardens.
Bathroom: 9'4 x 5'2 Classic white suite comprising panelled bath with mixer tap and shower attachment, low level close coupled wc and pedestal hand basin. Chrome radiator/heated towel rail, ceramic tiled floor, part tiled walls and window with frosted glass.
Outgoings:
Lease: 93 years remaining
Maintenance:£2,200 per annum - including heating and hot water
Ground Rent:£30 per annum
Recommended Update: New blinds & new appliances
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: FLAT 26, 4 GRAND AVENUE, HOVE BN3 2LE
Financial Forecast Guide
| Asking Price | £115,000 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £115,000 | |
| Estimated Update | £1,000 | incl 10% supervision fee |
| Stamp Duty | nil | commencing @ 1% over £175k |
| TOTAL | £116,000 | |
| Estimated Rental Income | ||
| Rent per week | £150 | |
| Rent per month | £650 | |
| Rent per year | £7,800 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,346 | @ 15% plus VAT |
| Ground Rent | £30 | per annum |
| Maintenance Charge | £2,200 | per annum |
| TOTAL | £3,576 | per annum |
| Summary | ||
| Gross Rent Per Year | £7,800 | |
| Annual Operating Costs | £3,576 | |
| Nett Cash In Hand pa | £4,225 | |
| Nett Cash In Hand pm | £352 | |
| Mortgage - Assuming 70% Loan | £80,000 | |
| Total Cash Outlay | £37,645 | |