Vicarage Lane, Bognor Regis, West Sussex, PO22

INVESTMENT/DEVELOPMENT OPPORTUNITY

Residential investment property currently comprises of 11 flats. Planning permission has been applied for an additional 3 units in the property. The property is sold freehold and currently produces £102,000 per annum. The property is situated near the seaside resort of Bognor Regis on the South Coast of England and is 0.44 acres. We understand the property is not listed but does form part of a local conservation area.

Location and situation

Bognor Regis is a popular resort town in West Sussex and is ideally located to the South Coast approximately 55 miles South West of London and 24 miles west of Brighton. The town has excellent transport links with easy access to the A259 and has links to the A27. Bognor Regis railway station offers direct and regular services to London Victoria with a fastest time of 1 hour 40 minutes. The station provides regular services to Brighton with a journey time of approximately 45 minutes and Chichester is accessible within 15 minutes.

Description

The property comprises of a two storey period building. The original property has been extended in the past to include two storey southern west wing together with a ground floor addition to the north side of the east corner of the building. The property has a configuration at this moment in time of 11 one bedroom flats. There is an area of parking and landscaping. These flats could have allocated gardens together with parking in order to increase the value of the lets. Some of the flats require refurbishments and others have been already refurbished so there is an element of potential increase on income.

We understand the building may not be listed but you should raise your own enquiries. However, it does sit within a local conservation area.

The property has the following total area of flats of 555 square meters (5974 square feet) we have not calculated the floor of the common parts.

Planning

Interested parties should make their own planning enquiries and satisfy themselves. However, planning application has been applied for 3 additional units in the roof area and is waiting approval. This is under reference number FP/169/24/PL. (This has subsequently been withdrawn, this is not due to the fact that the planning authority were not prepared to grant it but on the basis that they required a bat survey that cannot be done till May. On that basis our clients confirmed via their architect that it would be preferrable to withdraw it and put it back on once the bat survey has been done in this regard.)

We have copies of all the planning consents regarding the attic flats if you require any information.

All of the flats are now let on assured shorthold tenancies and we list below each individual flat and when they have been let from. The current total gross income is £77,700 per annum.

The quoting price currently reflects the current condition of the property and you should check whether any works are required.

Offers in excess of £1,450,000.

The flats are as follows;

Flat 1:
Current Rent: £925.00 pcm
Contract: 12 Month until April 2026
EPC: D55
Council Tax Band: Band A
Room Sizes: 47 Square Metres

Flat 2:
Current Rent: £900.00 PCM
Contract: 26 Months until September 2026
EPC: C74
Council Tax Band: Band A
Room Sizes: 48 Square Metres

Flat 3:
Current Rent: £925.00 pcm
Contract: 6 Months until May 2025
EPC: D65
Council Tax Band: Band A
Room Sizes: 43 Square Metres

Flat 4: Ground Floor Flat
Current Rent: £925.00 pcm
Contract: 6 Months until October 2025
EPC: D62
Council Tax Band: Band A
Room Sizes: 46 Square Metres

Flat 5: Ground Floor Rear
Current Rent: Vacant
Requires full refurbishment throughout
EPC: F30
Council Tax Band: Band A
Room Sizes: 41 Square Metres

Flat 6:
Current Rent: £925.00 pcm
Contract: 6 Months until May 2025
EPC: E45
Council Tax Band: Band B
Room Sizes: 70 Square Metres

Flat 7:
Current Rent: £1025.00 pcm
Contract: 12 Months until April 2026 including a parking space
EPC: D61
Council Tax Band: Band A
Room Sizes: 48 Square Metres

Flat 8: First Floor Flat, Recently Refurbished
Current Rent: £975.00 pcm
Contract: 12 Months until May 2026
EPC: E49
Council Tax Band: Band A
Room Sizes: 52 Square Metres

Flat 9:
Current Rent: Vacant
EPC: F33
Council Tax Band: Band B
Room Sizes: 50 Square Metres

Flat 10: First Floor Flat Recently Refurbished
Current Rent: £975.00 pcm
Contract: 12 Months until March 2026
EPC: C69
Council Tax Band: Band A
Room Sizes: 60 Square Metres

Flat 11:
Current Rent: Vacant
Requires full refurbishment throughout
EPC: D58
Council Tax Band: Band A
Room Sizes: 61 Square Metres

Total Rental income: £8,500 pcm = £102,000 per annum

Capitals Money Laundering regulations: intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order for no delay in agreeing the sale.

General: while we endeavour to make ourselves particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which a particular is imported to you please contact us and we are pleased to check the position for you.

The measurements are indicated with guidance only and must considered incorrect.

Services: please note we have not tested the services or any equipment or appliances in this property. Accordingly we strongly advise prospective purchasers to commission their own survey or service reports before finalising their purchase.

These particulars are issues in good faith but do not contribute representations of fact or form part of any offer or contract. The matter is referred in these particulars should be independently verified by prospective buyers or tenants, neither Harringtons Lettings or any of its employees or agents as any authority to make or give any representation or warranty whatever in relation to this property.