A rare opportunity to acquire a high yielding mixed use investment in the heart of Brighton's historic Lanes.
This end-terrace period property is adjacent to the seafront and comprises a restaurant premises on the ground and lower ground floors and two self-contained flats above, arranged as holiday lets. The building produces £20,000 per annum from the restaurant and holiday lets generate a gross income in the region of £120,000 per annum (2020-2021) through bookings with Airbnb, Booking.com and VRBO.
It is superbly located enjoying sea views in the centre of the City, with local pubs, restaurants and clubs in the immediate vicinity. There are comprehensive shopping facilities and amenities, including mainline station, all easily accessible.
Restaurant Premises (Trading as Jia Mo)
Cooking/service area with seating, utility/prep room, with stairs leading to:
Lower Ground Floor
Additional seating area, store room and cloakroom/W.C.
Separate street access to upper parts, with stairs to:
Hallway, living room with incorporated kitchen with sea views, bedroom area leading to two further bedrooms and shower room/W.C.
Hallway, bedroom with sea views, bathroom/W.C. and bedroom with en-suite shower room/W.C.
Third Floor - Top
Living room/bedroom with sea views.
Hallway, living room with incorporated kitchen with sea views, inner hallway arranged as living area and two bedrooms, both with en-suite shower room/W.C.s.
Inner lobby, bedroom with en-suite shower room/W.C.
The ground floor and lower ground floor is let on a 15-year lease from 2018 with five-yearly rent reviews on a full repairing and insuring basis at an annual rental of £20,000. The upper parts comprising Flats 1 and 2 have been let on short term holiday rentals and have generated over the period 2020-2021 approximately £120,000 per annum gross (accounts available for inspection).
We have been provided with a copy of the predicted income for 2021, which shows expected revenue generated of approximately £118,500. Interested applicants are advised to inspect the information provided in the legal pack.