RDA Estates

"experts in residential property investment"

Flat 9, 54-55 Marine Parade, East Sussex, East Sussex, BN2 1PH

A spacious two bedroom flat located on the first floor of a beautiful Grade II listed building within the Marine Parade conservation area.

£ 275,000.00
Category: Leasehold
Property Type: Two bedrooms or more
Beds: 2
Baths: 1.00
Status: Sold
Outline:
A spacious two bedroom flat located on the first floor of a beautiful Grade II listed building within the Marine Parade conservation area. The property benefits from gas-fired central heating and an electric shower.

Facilities:
Gas Fired Central Heating,Shower

Location:
Located within the Marine Parade conservation area the flat is just moments away from Brighton promenade, Brighton beach, the Brighton Eye and Brighton Pier. St James Street, the busy, quirky shopping street is just two minutes walk away, with Grand Parade and the many shops, cafes, restaurants and bars located alongside it only a few minutes further away.

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

Property Details:
Entrance:

Door to the lounge, both double bedrooms, the bathroom and kitchen. Coved ceiling, radiator, central heating thermostat.

Lounge:

16'5 x 9'9 (5.00m x 2.97m) Sash window to the side with sea glimpses, coved ceiling, radiator.

Kitchen:

10'9 max x 6'6 (3.28m max x 1.98m) Kitchen comprising base, wall and drawer units with roll edge work surfaces over, inset four ring gas hob with oven under and cooker hood over, built in storage space for appliances, window, wall mounted boiler.

Bedroom 1:

17'2 narrowing to 11'6 x 8'5 (5.23m narrowing to 3.51m x 2.57m) Double bedroom with sash window to the side, coved ceiling, radiator.

Bedroom 2:

11'1 x 6'8 (3.38m x 2.03m) Window, radiator, coved ceiling.

Bathroom:

White suite comprising panelled bath with shower over, pedestal wash hand basin, low level close coupled wc, part tiled walls, radiator.

Lease:

83 Years Remaining



A spacious two bedroom flat located at the rear of a period Grade II listed building. Located within the Marine Parade conservation area the flat is moments away from the promenade, the beach and Brighton Pier. The property benefits from gas-fired central heating and an electric shower.

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 £275,000  
 
Set Up Costs
Solicitors Fees        £780 incl VAT excl disbursements
Research Fee     £2,000  excl. VAT
 
Purchase Costs
Assumed Purchase Price £275,000  
Estimated Update            £0 incl 10% supervision fee
Stamp Duty     £2,750 commencing @ 1% over £125k
TOTAL £277,750  
 
Estimated Rental Income
Rent per week        £207  
Rent per month        £895  
Rent per year     £10,740  
 
Owner's Annual Operating Costs
Rental Agent's Fees     £1,852 @ 15% plus VAT
Ground Rent            £0 per annum
Maintenance Charge     £2,200 per annum
TOTAL     £4,053 per annum
 
Summary
Gross Rent Per Year     £10,740  
Annual Operating Costs     £4,052  
Nett Cash In Hand pa     £6,687  
Nett Cash In Hand pm        £557  
 
Mortgage - Assuming 70% Loan £192,500  
 
Total Cash Outlay   £88,030  

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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