84 St. James's Street, Brighton, East Sussex, BN2 1TP

Location

Situated in the heart of the vibrant area of Kemp Town, St James's Street houses a number of restaurants, bars and commercial occupiers. Royal Sussex County Hospital and Brighton College are to the north and Brighton seafront is within walking distance to the south.

Description

*STARTING BIDS FROM £325,000*

This mid-terraced, five storey property is made up by a ground floor shop, which is let at a current rent of £1250 per calendar month, exclusive. The upper floors are a self-contained three bedroom maisonette, currently vacant, but could achieve an ERV of £1,750 per calendar month (a selective license will need to be applied for through Brighton & Hove City Council before the flat can be let). Therefore, the property has the potential to achieve an overall income of £36,000 per annum, exclusive.
Additionally, the property benefits from a self-contained basement which has the potential to be converted (STP).

Auction Notes

This property is for sale by the Modern Method of Auction, meaning the buyer and seller are to Complete within 56 days (the "Reservation Period"). Interested parties personal data will be shared with the Auctioneer (iamsold).

If considering buying with a mortgage, inspect and consider the property carefully with your lender before bidding.

A Buyer Information Pack is provided. The winning bidder will pay £300.00 including VAT for this pack which you must view before bidding.

The buyer signs a Reservation Agreement and makes payment of a non-refundable Reservation Fee of 4.50% of the purchase price including VAT, subject to a minimum of £6,600.00 including VAT. This is paid to reserve the property to the buyer during the Reservation Period and is paid in addition to the purchase price. This is considered within calculations for Stamp Duty Land Tax.

Services may be recommended by the Agent or Auctioneer in which they will receive payment from the service provider if the service is taken. Payment varies but will be no more than £450.00. These services are optional.


Price

Offers are invited in the region of £325,000 for the freehold interest.

Tenure Comments

Freehold

Rent

The ground floor shop produces a current rent of £15,000 per annum, exclusive.
The self-contained maisonette has an ERV of £21,000 per annum, exclusive.
The overall income is £36,000 per annum, exclusive.

EPC

The first floor maisonette has an EPC rating of E - 52.
The shop has an EPC rating of C - 67.

VAT

We are informed that VAT is not applicable on the terms quoted.

Use

We understand the premises benefit from Class E use however, we would advise any potential tenant to check with the Planning Department to ascertain if their use is permitted.

Legal Fees

Each party is responsible for their own legal fees in this transaction.

Viewing

Strictly by appointment with Sole Agents,
Jacobs Steel.