TWO BED GROUND FLOOR PURPOSE BUILT FLAT
£155,000 LEASEHOLD
A two bedroom purpose built ground floor flat with parking space, in a River Adur development with central yacht basin. Use of leisure complex comprising indoor heated swimming pool with gym and private members bar. A good long term investment. Some refurbishment is recommended which will allow for increased rental
Initial outlay required: £63,495
Location: Emerald Quay is a River Adur development with a central yacht basin. Facilities for residents include exclusive use of the leisure complex comprising indoor heated swimming pool with Jacuzzi, steam room, changing room, solarium, gymnasium and private members bar overlooking the yacht basin.
Description: A two bedroom purpose built ground floor flat with parking space, the main bedroom benefits from an en-suite shower room.
Approximate Area: 500 square feet
Entrance: Wall mounted entry phone system, electric heater, built in airing cupboard.
Lounge: 13' 0 x 12' 0 narrowing to 10' 2. Double glazed window, electric heater, covered ceiling.
Kitchen: 10' 10 x 6' 5 Fitted kitchen, comprising base units and eye level units with roll edge work surfaces, inset one and half bowl single drainer sink, built in four ring electric hob with oven below, space and plumbing for washing machine, space for fridge freezer. Wall mounted extractor unit.
Bedroom One: (Double)11'9 x 11'0 Double glazed window, electric heater, coved ceiling, door to:-
En-Suite Shower Room - Low level WC, wall mounted wash hand basin with tiled splash-back, tiled shower cubicle with shower unit.
Bedroom Two:(Double) 10'5 x 7' 7 Double glazed window, electric heater, coved ceiling
Bathroom:Low level WC, panelled bath, pedestal wash hand basin, part tiled walls, extractor fan, wall mounted "Dimplex " heater.
Outside:
Allocated car parking space.
Outgoings:
Lease: 125 years from 1 Jan 88
Maintenance: £1,600 pa
Ground Rent:£100 per annum
Recommended Update: New Kitchen, New Bathroom, decoration, Carpets & Blinds
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: 5 East Point, Emerald Quay, Shoreham by Sea
Financial Forecast Guide
| Asking Price | £155,000 | |
| Set Up Costs | ||
| Solicitors Fees | £645 | incl VAT excl disbursements |
| Research Fee | £1,500 | |
| Purchase Costs | ||
| Assumed Purchase Price | £155,000 | |
| Estimated Update | £13,300 | incl 10% supervision fee |
| Stamp Duty | £1,550 | commencing @ 1% over £175k |
| TOTAL | £169,850 | |
| Estimated Rental Income | ||
| Rent per week | £183 | |
| Rent per month | £750 | |
| Rent per year | £9,000 | |
| Owner's Annual Operating Costs | ||
| Rental Agent's Fees | £1,586 | @ 15% plus VAT |
| Ground Rent | £100 | per annum |
| Maintenance Charge | £1,600 | per annum |
| TOTAL | £3,286 | per annum |
| Summary | ||
| Gross Rent Per Year | £9,000 | |
| Annual Operating Costs | £3,286 | |
| Nett Cash In Hand pa | £5,714 | |
| Nett Cash In Hand pm | £476 | |
| Mortgage - Assuming 70% Loan | £108,500 | |
| Total Cash Outlay | £63,495 | |