Lot 134: FREEHOLD MIXED USE INVESTMENT

Sold £80,000

A detached three storey purpose built property arranged as five self-contained flats, which have been sold on long leases. There are two office suites on the ground floor and parking to the side and rear.

The building is situated in a busy commercial thoroughfare on the corner of South Coast Road and Dorothy Avenue close to local shops and amenities.

Commercial Units

Ground Floor

Communal entrance hallway, ladies and gents W.Cs.

East Suite

Front and rear offices.

Tenancy

Let on a Tenancy at Will, from 16th May 2013, at a current rental of £450 per calendar month.

West Suite

Front and rear offices.

Tenancy

Vacant. Previously let at £316.66 per calendar month.

Flat 1

Tenure

Sold on a 99 year lease, from 24th June 2003, at a ground rental of £15 per annum.

Flat 2

Tenure

Sold on a 99 year lease, from 22nd February 2014, at a current ground rental of £150 per annum.

Flats 3, 4 & 5

Tenure

Each sold on a 99 year lease, from the 24th June 1990, at a current ground rental of £15 per annum.

Auctioneer’s Note 1

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have reserved their rights under the legislation.

Auctioneer’s Note 2

We understand the leaseholders have the right to manage under the Commonhold and Leasehold Act 2002.

Auctioneer’s Note 3

We understand that the tenants of the East Suite have sub-let part of their unit without the Landlord’s consent.

Commercial EPC: G