A block of 20 flats and a home with a roof terrace are coming up for auction next month.
The block of flats, St John’s Mansions at 11 Queens Gardens in Eastbourne, will have a guide price of around £3 million. It is currently fully let at £193,000 per annum with potentially higher earnings.
The property is among 170 lots in the latest auction being held by Clive Emson Land and Property Auctioneers.
Formerly the Eastbourne Constitutional Club and Tivoli Cinema, St John’s Mansions was first converted more than a decade ago. Within the past two years it has undergone an extensive overhaul of the roof and dormers along with upgrading and external redecoration.
Director and senior auction appraiser Sam Kinloch said: “This is an outstanding opportunity to acquire an excellent property investment near the seafront at the heart of Eastbourne town centre for immediate and we are anticipating a great deal of interest.
“Fully let on assured shorthold tenancy agreements, the property is currently producing £193,268.40 per annum.
“With many long-standing tenants, the individual rents have been kept below current market level and therefore could be suitable for an increase at the next review date. It is estimated that a combined rent in the region of £225,000 per annum will be achievable.”
The property also includes a large cellar, parking for three cars and lift and is managed by Abbott & Abbott.
Also going under the hammer is a top-floor flat with a roof terrace in Brighton city centre.
It is offered with a leasehold guide price of £150,000-plus with vacant possession.
Top Floor Flat at 9 Chatsworth Road comprises the whole of the second floor of a semi-detached bay-fronted property offering light and spacious attic-style accommodation.
Senior auction appraiser and auctioneer Richard Payne said: “It is an attractive, converted flat with south west facing sun terrace with panoramic and coastal views, although it is in need of some updating.”
The property is situated just off Dyke Road in the Porthall district. Tenure is the remainder of a 99-year lease from September 1983 with a Section 42 Notice to extend the lease available between exchange and completion.
A one-bedroom patio flat in Brighton city centre is also listed at the auction as an investment opportunity with a leasehold guide price of £130,000 to £140,000.
Richard added: “Currently let at £11,400 per annum on an assured shorthold tenancy, we consider the flat suitable for continued investment."
Tenure is the remainder of a 99-year lease from December 1983 with a Section 42 Notice to extend the lease available between exchange and completion.
Bidding for the current auction, the seventh of eight this year, goes live on Wednesday, October 30, and ends on Friday, November 1.
See https://www.cliveemson.co.uk/ for more details.
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