53 Silverdale Road

At a glance

Key Points

• Short walk Town Centre & Seafront
• Substantial Plot
• Potential to split
• Potential for rental increase

Description

The property comprises a substantial Detached Freehold building of 9 flats three of which have been sold on long leases from 1988 (2 have extended their leases). The remaining flats comprise 2 X 2 Bedrooms & 4 X 1 Bedrooms and are in the majority rented (1 vacant with potential to split) producing a current income of £41,460 pax. The building has generally been well maintained and the flats are generally in reasonable -excellent condition and been in the same family ownership 7in excess of 50 years. Several Tenants have likewise been in occupation for many years and the rents charged are considerably lower than Open Market Rental Valuers for the area. This Investment represents an opportunity for active Management to increase Income and extend the remaining lease in addition to potential for extension to the substantial rear Garden. We understand the flats sold on long leases may also be available for acquisition.

The Location

The premises is located in the popular and quiet Lower Meads Area of Eastbourne close to the Seafront and Theatres and only a 10-15 minute walk from the Town Centre with its excellent shopping facilities and mainline Railway station with regular service to London Victoria.

Accommodation

F3 FIRST FLOOR 2 BEDS £650
F3 FIRST FLOOR 1 Bed vacant
F6 Basement 1 Bed £610
F5 Basement 1 Bed £695
F4 2nd Floor 2 Bed £650
F8 2nd Floor 1 Bed £900
Total Income pcm £3,555
Annual Income £42,660

Projected Income £71,000


F1 SOLD ON LONG LEASE - 189 years from 1988
F2 SOLD ON LONG LEASE - 189 years from 1988
F2a SOLD ON LONG LEASE -99 years from 1988