Lot 115 Substantial Freehold InvestmentAuction Date:
24th July 2025
24-26 Creek Road, Hayling Island, Hampshire, PO11 9RD
Currently let at £28,600 per annum
Potentially fully let at £38,200 per annum
This substantial block is situated on Creek Road in the Eastoke area of Hayling Island and comprises eight flats, four of which are sold on long leases and four which are retained by the freeholder. Three of those flats are currently let on Assured Shorthold Tenancy agreements offering a healthy income. The fourth flat has recently become vacant and provides an opportunity to be re-let at an up to date market rent. The rental income for the remaining three flats may also provide scope for improvement.
Ground Floor
Flat A
Entrance hall, bedroom, kitchen, living room, bathroom with W.C. and storage cupboards throughout flat. Car parking space.
Tenancy
Let under the terms of an Assured Shorthold Tenancy agreement from 4th May 2013 at a current rental of £750 per calendar month.
EPC Rating C
Council Tax Band A
Flat B
Entrance hall, bedroom, kitchen, living room, bathroom with W.C. and storage cupboards throughout flat. Car parking space.
Tenancy
Currently vacant however was most recently let for £800 per calendar month. This flat is currently being advertised for a new tenant.
EPC Rating B
Council Tax Band A
Flat C
Entrance hall, bedroom, kitchen, living room, bathroom with W.C. and storage cupboards throughout flat. Car parking space.
Tenancy
Let under the terms of an Assured Shorthold Tenancy agreement from 21st December 2015 at a current rental of £650 per calendar month.
EPC Rating C
Council Tax Band A
Flat D
Entrance hall, three bedrooms, open plan kitchen/living room, bathroom with W.C. and storage cupboards throughout flat. Car parking space.
Tenancy
Let under the terms of an Assured Shorthold Tenancy agreement from 15th July 2025 at a current rental of £950 per calendar month.
EPC Rating C
Council Tax Band A
First/Second Floor
Flat 1
Tenure
Remainder of a 99-year lease from 25th March 1973 at a current ground rental of £100 per annum.
Flat 2
Tenure
Remainder of a 189-year lease from 25th March 1973 at a current ground rental of £100 per annum.
Flat 3
Tenure
Remainder of a 159-year from 25th March 1973 at a current ground rental of £100 per annum.
Flat 4
Tenure
Remainder of a 159-year from 25th March 1973 at a current ground rental of £100 per annum.
Outside
Former garage now used as storage.
Auctioneer's Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
Auctioneer's Note 2
We are advised the latest flat lease renewal was undertaken in 2024 for Flat 2, at a renewal premium of £36,000.
Freehold with Part Vacant Possession
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
