Lot 54 Substantial Block Of 20 Flats For Immediate InvestmentAuction Date:
1st November 2024

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.