Lot 25

HIGH YIELDING MIXED USE INVESTMENT IN THE HEART OF THE LANES

2 Ship Street, Brighton, BN1 1AD
2 Ship Street, Brighton, BN1 1AD
Guide Price £955,000 – £1,050,000 * + Fees

Viewing by arrangement with Clive Emson Auctioneers

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)

Ground Floor

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:

Flat 1

First Floor

Hallway, living room with incorporated kitchen with sea views, bedroom area leading to two further bedrooms and shower room/W.C.

Second Floor

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.

Flat 2

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.

Ground Floor

Inner lobby, bedroom with en-suite shower room/W.C.

Tenancy

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).

Auctioneer’s Note

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.

Freehold with Vacant Possession of the Upper Parts

2 Ship Street, Brighton
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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/