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Lot 54 Substantial Block Of 20 Flats For Immediate InvestmentAuction Date:
1st November 2024
St. Johns Mansions, 11 Queens Gardens, Eastbourne, East Sussex, BN21 3EE
Currently let at £194,468.40 per annum Estimated rental £225,000 per annum
St John’s Mansions is situated in the heart of Eastbourne town centre close to local shops, amenities and Eastbourne seafront and pier. The property has undergone extensive conversion works over the years and now comprises a total of 20 flats and one office space. Arranged as 4 x one-bedroom flats, 13 x two-bedroom flats (two with gardens), 3 x three-bedroom penthouse marionettes (two with balconies) and one office space. The property also includes a large cellar, parking for three cars (in tandem) and lift.
Fully let on Assured Shorthold Tenancy Agreements the property is currently producing £194,468.40 per annum. With many long standing tenants, the individual rents have been kept below current market level and therefore could be suitable for an increase at the next review date. It is estimated that a combined rent in the region of £225,000 per annum will be achievable.
Offered for sale as a Freehold block, St Johns Mansions is also sold with the benefit of individual leases to be assigned to the new owner on completion. Flats 1 to 11 and Penthouses 1-3 are offered with 125 year leases from 25th March 2009 (less 3 days) at a ground rent of £150 per annum. Flats A-F are offered with 120 year leases from 1st July 2014 at a ground rent of £150 per annum.
Formerly the Eastbourne Constitutional Club and Tivoli Cinema, St John’s Mansions was first converted 12/13 years ago and more recently, within the past two years, underwent an extensive overhaul of the roof and dormers along with upgrading and external redecoration.
Boasting many original features, the property has been managed by Abbott & Abbott and offers predominantly uPVC double glazed windows, modern electric wet heating systems, central lift, fire alarm system and well presented common parts. Many of the flats also boast en-suite facilities and modern fixtures and fittings.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
