Property for sale in Westbourne Villas, Hove BN3

Sold by Lextons Auctions

Auction Guide £800,000 to £825,000

Cash buyers only

A very rare opportunity to be able to purchase this residential freehold part possession investment comprising of 3 self contained with significant future uplift potential, rarely available in today's market.

Schedule of Tenancies

2 Bedroom Ground Floor Flat with private west facing rear garden let to an Assured Shorthold Tenant at a passing rent of £1,025 pcm (£12,300 per annum)

First Floor Flat let to an Assured Shorthold Tenant at a passing rent of £1,000 pcm (£12,000 per annum)

Second (Top) Floor Flat let to a Statutory Tenant protected under the 1977 Rent Act at a passing registered rent of £855 pcm (£10,260 per annum) last registered on 3 August 2021 with the next increase able to be applied for from 3 May 2023

Total passing rent is £34,560 per annum however and as mentioned above, the rent in respect of the top floor flat is able to be applied for increase from 3 May 2023 whilst in the opinion of the auctioneers, the rent received in respect of the ground floor flat and the first floor flat are significantly under market value.

As a note of interest, we understand the property has be owned by the same family of the past 102 years.