Lot 130: FREEHOLD COMMERCIAL INVESTMENT WITH 13 FLATS SOLD ON LONG LEASES

Sold £450,000

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.

Commercial EPC: E