Lot 130

FREEHOLD COMMERCIAL INVESTMENT WITH 13 FLATS SOLD ON LONG LEASES

59, 61 & 63 Devonshire Road, Bexhill-on-Sea, East Sussex, TN40 1BD
59, 61 & 63 Devonshire Road, Bexhill-on-Sea, East Sussex, TN40 1BD
Sold £450,000

Currently let at £45,780 per annum

An opportunity to acquire a substantial freehold mid terrace block occupying a prominent position within the heart of Bexhill town centre.

The block, which offers a high yielding investment, comprises ground floor commercial premises currently producing £45,000 per annum and 13 flats all sold on long leases. Let to an Italian restaurant for the term of 20 years from 2015 the property would suit immediate investment.

Bexhill is located on the South Coast between Eastbourne and Hastings and offers a wide variety of local shops, restaurants and amenities.

Commercial Accommodation

Units 1 & 2

Basement

Divided into five rooms with male and female W.Cs.

Ground Floor

Open plan restaurant and seating area, prep room, male and female W.Cs, bar area and kitchen.

Tenancy

Unit 1 has been let for the term of 20 years from 22nd October 2015 at a current rental of £25,000 per annum. Unit 2 has been let for the term of 20 years from 22 October 2015 at a current rental of £20,000 per annum.

Residential Accommodation

Arranged as 13 flats with associated store.

Tenure

Each flat has been sold on a 125 year lease from 24th June 1987 at a current ground rental of £60 per annum.

Auctioneer's Note

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/