RDA Estates

"experts in residential property investment"

Flat 8, 7 Lower Rock Gardens, Brighton, East Sussex, East Sussex, BN2 1PG

7 Lower Rock Gardens is located between Marine Parade and St James' Street which has extensive local shopping facilities and bus services providing access to most parts of the town including Brighton mainline railway station - a straight forward commuter-link to London. Flat 8 is on the Ground Floor Rear of this converted property and offers; Lounge, Bedroom, Bathroom and Kitchen.

£ 205,000.00
Category: Leasehold
Property Type: One Bedroom
Beds: 1
Baths: 1.00
Status: Sold
Outline:

7 Lower Rock Gardens is located between Marine Parade and St James' Street which has extensive local shopping facilities and bus services providing access to most parts of the town including Brighton mainline railway station - a straight forward commuter-link to London.

 

Flat 8 is on the Ground Floor Rear of this converted property and offers; Lounge, Bedroom, Bathroom and Kitchen.


Facilities:
Gas Fired Central Heating,Sea Views,Shower

Location:

7 Lower Rock Gardens is located just a minute's walk away from Brighton beach which has something for everyone, from fresh caught fish stalls/huts to sporting activity grounds.

St James' Street is the closest and most convenient shopping area with express supermarkets, boutique shops, cafe's, salons and night life venues.

The Old Steine is just a 5 minute walk away with bus stops for routes that go all over the city and further along the coast. Just across the road there is Brighton's famous Pavilion and it's beautifully, spacious gardens which are open to the public all year round.

The famous North and South Laine's are just a 5-10 minute walk away as well with over 400 independent businesses, you are sure to find something of interest and could spend hours exploring. Venues such as The Theatre Royal and Brighton's Komedia hold events all year round so entertainment is never dry!

Brighton's main shopping centre Churchill Square is just a 10 minute walk away with large amounts of choice and range of high street to high end shops. North Street which leads up to Churchill Square is full of shops and cafe's as well as the Western Road which follows on from Churchill Square towards Hove.

Nearby to 7 Lower Rock Gardens is one of Brighton's prettiest and largest parks - Queens Park. There really is more than just a green open space for you to relax in, there's a pond with wildlife, a fairly large park, a peaceful, enclosed area with a small stream for those of you who like to have quiet time but not indoors, tennis courts and bowls green. Ideal for those warmer months having a nearby area to enjoy your spare time.


Nearby:
Shopping Area,Town Centre,Coach Station,Coffee Shop,Beach,Cinema,Park,Restaurants

Property Details:
Hallway:

Space to store your coats and shoes leading to Lounge

Lounge:

13'3 X 13'1 max

Double radiator, double glazed windows, TV point

Kitchen:

7'9 X 6'7 max

Eye level units and further base units comprising cupboards & drawers with roll edged working surfaces over. Stainless steel single drainer sink unit, tiled splash-backs, non-integrated washing machine, fridge and gas cooker, extractor hood, sash window and vinyl flooring

Bedroom:

10'9 X 9'5

Coved ceiling, single radiator, sash window

Bathroom:

Fully tiled suite including low level WC, bath with Mira electric shower over, wash hand basin, single radiator

Lease:

93 Years remain


A Financial Forecast highlighting costs and projected income is included for each property. This data enables clients to make informed decisions before proceeding with a purchase. Please see below for Financial Forecast Guide.

Asking Price £205,000  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £205,000  
Estimated Update            £0 incl 10% supervision fee
Stamp Duty     £7,750 commencing @ 3% 
TOTAL £212,750  
 
Estimated Rental Income
Rent per week   £167.31  
Rent per month        £725  
Rent per year     £8,700  
 
Owner's Annual Operating Costs
Rental Agent's Fees   £1,500.75 @ 15% plus VAT
Ground Rent            £0 per annum
Maintenance Charge        £900 per annum
TOTAL   £2,400.75 per annum
 
Summary
Gross Rent Per Year      £8,700  
Annual Operating Costs   £2,400.75  
Nett Cash In Hand pa   £6,299.25  
Nett Cash In Hand pm     £524.94  
 
Mortgage - Assuming 70% Loan £143,500  
 
Total Cash Outlay   £72,030  

ASKING PRICE
The price of the property as advertised.

SET UP COSTS
These are costs associated with the purchase of the property.

The Solicitors Fees are the costs for undertaking the legal work. This fee does not include the disbursements. The RDA Research Fee of £2,000 covers our expenses in relation to sourcing and identifying the property as an ideal investment in terms of asset growth and rental potential. It also includes our assistance with the purchase process. RDA monitors and progress chases property purchases and assists with all/any matters arising on behalf of our clients.

The fee is payable in two parts. £1,000 is due upon a client’s decision to purchase. This initial payment is not refundable but can be carried forward to an alternative purchase should the sale fall through. The balance of £1,000 is payable upon exchange of contracts of sale. When a mortgage is required the cost of the lender's arrangement fee and survey also need to be factored in.

PURCHASE COSTS
These are the direct costs of purchasing the property. Assumed Purchase Price is the price which RDA anticipates being able to negotiate on behalf of the client. Estimated Update is based on RDA's recommendations for refurbishment. Stamp Duty Land Tax is the tax payable to the UK Government when you buy property.

OWNER'S ANNUAL OPERATING COSTS
Rental Agent's Fees are deducted monthly by the rental agent. Ground Rent is an annual fee charged by the Freeholder of a Leasehold property.

Maintenance Charges are a share of the costs of the maintenance of the building and the building insurance but do not include occasional internal maintenance costs.

SUMMARY
An overview of the annual income and expenditure.

TOTAL CASH OUTLAY
Calculated as 30% of the Assumed Purchase Price plus Estimated Update, Stamp Duty and Set Up Costs.

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