Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
Freehold Investment For Sale: Well Secured Freehold Residential Investment

Freehold Gate 2 Freehold Terrace, Brighton, BN2 4AB

Interested in this property? Call our Brighton Office : 01273 70 10 70

Situated to the eastern end on a prominent corner of Freehold Terrace, adjacent to Pope's Folly, which runs parallel to Hollingdean Road and close to the Lewes Road (A27).

Freehold Terrace is predominantly made up of residential property in the form of purpose built student housing and shared ownership through a Housing Association. On the south side there are some original period buildings and a few commercial premises used as offices and workshops.

Sainsburys supermarket is within walking distance, as is various retail outlets in Lewes Road. There is excellent public transport by bus and rail with easy road access to A27, A23 and M23.

KEY FEATURES

  • Secure Freehold Residential Investment
  • Close to Lewes Road/University Corridor
  • Modern Contemporary Build
  • Fully Let and Income Producing

A modern contemporary building constructed in the last 10 years providing seven self contained residential units of either 1,2 or 3 bedrooms, each with outdoor space by way of a garden, roof terrace or balcony areas.

Concrete frame construction with a coloured render finish, matching aluminium windows and internally fitted to a modern standard throughout with fitted kitchens and bathrooms, gas fired central heating system, carpet and/or wood veneer/tiled flooring.

PROPERTY DETAILS

Ground, first, second and third floors. 4580 sq ft (425.50 m2)

ACCOMMODATION

Six apartments are accessed from a main entrance in Pope's Folly to a shared commonway with apartment 2a (The Gatehouse) having its own separate entrance.

There are in addition, 3 car parking spaces in front of the main building fronting Freehold Terrace.

There are also two separate garages available at a separate price to be confirmed.

Ground Floor

Apartment 1

Entrance Hall. Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Bedroom with doors onto patio. Living Room/Kitchen with modern fitted kitchen. Worcester gas-fired boiler. Side patio. Small garden area.

Apartment 2

Entrance Hall Living Room/Kitchen with modern fitted kitchen. Worcester gas-fired boiler. Bedroom 1 Bedroom 2 with door onto balcony. Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Small external balcony area.

First Floor

Apartment 3

Entrance Hall. Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Bedroom with doors onto patio. Living Room/Kitchen with modern fitted kitchen. Worcester gas-fired boiler. Small balcony area.

Apartment 4

Entrance Hall Living Room/Kitchen with modern fitted kitchen. Worcester gas-fired boiler. Bedroom 1 with door onto balcony. Bedroom 2 Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Small external balcony area.

Second Floor

Apartment 5

Entrance Hall. Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Bedroom with doors onto patio. Living Room/Kitchen with modern fitted kitchen. Worcester gas-fired boiler. Small balcony area.

Apartment 6

This apartment comprises a second and third floor maisonette Second floor Entrance Hall with stairs to third Floor Bedroom 1 with patio doors onto balcony. Bedroom 2 Bedroom 3 with patio doors onto balcony. Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail. Third Floor Living Room/Kitchen with stairs down to second floor and step up to patio doors onto external south facing terrace.

Apartment 2A (The Gatehouse)

This property has its own separate external entrance. Ground Floor Entrance Hallway with stairs to first floor. Combined Living Room/Kitchen Area Utility/Cloakroom Area First Floor Landing with airing cupboard Bedroom 1 Bedroom 2 Bathroom/wc with bath and shower over, wash hand basin on base unit and wc, heated towel rail.

Areas and Dimensions

Ground Floor

Apartment 1 Living Room/Kitchen Bedroom Bathroom/wc Gross Internal Area (GIA) 512 sq ft (47.53m2)

Apartment 2 Living Room/Kitchen Bedroom 1 Bedroom 2 Bathroom/wc Gross Internal Area (GIA) 602 sq ft (55.94m2)

First Floor

Apartment 3 Living Room/Kitchen Bedroom Bathroom/wc Gross Internal Area (GIA) 530 sq ft (49.2m2)

Apartment 4 Living Room/Kitchen Bedroom 1 Bedroom 2 Bathroom wc Gross Internal Area (GIA) 596 sq ft (55.41m2)

Second Floor

Apartment 5 Living Room/Kitchen Bedroom Bathroom/wc Gross Internal Area (GIA) 530 sq ft (49.2m2)

Apartment 6 (Second/Third Floor Maisonette) Bedroom1 Bedroom 2 Bedroom 3 Bathroom/wc Third Floor Living Room/Kitchen Gross Internal Area (GIA) 1,018 sq ft (94.56m2)

Apartment 2A (the Gatehouse) Ground Floor Living Room/Kitchen Utility/Wc Cloaks First Floor Bedroom 1 Bedroom 2 Bathroom/wc Gross Internal Area (GIA) 792 sq ft (73.61m2)

TENANCY INFORMATION

We are advised of the following Assured Shorthold Tenancies (AST's) are in place at the time of writing.

Apartment 1 - rent £1,100 pcm from April 2021 to 2022.

Apartment 2 - rent £1,350 pcm from October 2020 to 2021.

Apartment 2a - rent £1,350 pcm from June 2021 to 2022.

Apartment 3 - rent £1,050 pcm from August 2020 to 2021.

Apartment 4 - rent £1,200 pcm from August 2020 to 2021.

Apartment 5 - rent £1,000 pcm holding over on a periodic tenancy which can be terminated given 4 months notice.

Apartment 6 - rent £1,850 pcm from September 2021 to 2022.

Total Rental Income (current and projected) £8,900 pcm equivalent to £106,800 per annum, prior to any Management costs.

TERMS OF SALE

We are instructed to guide £1,900,000 (one million, nine hundred thousand pounds) for the freehold interest and subject to any current tenancies and income - a purchase at this level would provide for a Gross Initial Yield of 5.6%

Ground, first, second and third floors. For Sale: £1,900,000

Business Rates

Each residential unit has its own Council Tax assessment ranging from Band B to C..

VAT

We are informed the building has not been elected and therefore vat will not be payable on the terms quoted.

Legal Fees

Each party to pay their own legal costs.

Viewing Arrangements

Strictly via prior appointment through vendors agents Graves Jenkins.

CONTACT

Oliver Graves MBA
oli@gravesjenkins.com


These particulars are believed to be correct but their accuracy is not guaranteed. They do not form any part of any contract. You should be aware that the Code of Practice on Commercial Leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement.