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4 bedroom block of apartments for sale

292 Mile Oak Road, Portslade, BN41

Sold STC £370,000

Property Description

Full description

**SOLD BY AUCTION** A freehold block of 4 flats (2 sold off) producing £23,100pa. The property was refurbished and extended in 2011.

Freehold comprising 4 x 2 bedroom flats (2 sold off on long leases)

The property was refurbished and extended in 2011 and still has 5 years remaining on the LABC warranty. It now comprises 2 x 2 bedroom maisonettes (lower ground and ground) which are sold off on long leases with £150pa ground rents. The other two flats are on the top floor and are let on assured shorthold tenancies. Total rent payable to include the ground rents, £23,100pa.


Situation

The property is located on the corner of Mile Oak Road and Chalky Road. This is very close to Portslade Community College, Sports Centre and Pubic Library and is served by a frequent bus service.


Description

The property was refurbished and extended in 2011 and still has 5 years remaining on the LABC warranty. It now comprises 2 x 2 bedroom maisonettes (lower ground and ground) which are sold off on long leases with £150pa ground rents. The other two flats are on the top floor and are let on assured shorthold tenancies. Total rent payable to include the ground rents, £23,100pa.


Accomodation

Flat 1: 2 bedrooms, living room, kitchen, bathroom.
Let on an AST at £1,000pcm.

Flat 2: 2 bedrooms, living room, kitchen area, bathroom.
Let to Brighton and Hove Ciy Council on a 5 year lease from 9 July 2013 at £900pcm. As this is the larger flat is is expected that at the end of the term this flat could be let for approximately £1,100pcm.

At the time of going to print we understand that the Council have relinquished their tenancy and vacant possession will be provided on completion.



Listing History

Added on Rightmove:
17 November 2016

Map & Street View

Disclaimer - Property reference ah_sussex_1444888_19629. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Austin Gray, Auction House Sussex. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Austin Gray, Auction House Sussex on 01273 20 19 80.


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