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Denton Road, Eastbourne, East Sussex, BN20

£2,950,000
Reduced on 09/02/2021
Vesta, London
PROPERTY TYPE
Block of Apartments
BEDROOMS
x18
BATHROOMS
x18
SIZE
8,341 sq. ft.
(775 sq. m.)

Key features

  • Investment property consisting of:
  • 9 luxury apartments & parking
  • Expected aggregate gross rent £139,320 pa
  • Expected aggregate gross yield 4.7%
  • 16.3% HPI (last five years)

Property description

Tenure: Freehold

This is an investment opportunity to acquire a redeveloped period building of 9 luxury apartments, parking & freehold, in Eastbourne.


Property information:

Opportunity to acquire a traditional period building that has recently been converted into 9 luxury apartments, with freehold, in the highly desirable area of Meads Village, Eastbourne.

The apartments are spread over three floors and have been finished to a high specification. Each apartment is unique and has 2-bedrooms and 2-bathrooms (a master bathroom and an en-suite), gas central heating and access to the communal gardens, with 4 apartments having their own private garden. There are seven parking spaces in front of the building available to purchase and the development has an ICW warranty. The total size of the property is 8,341 sqft.

Apt 1 - Ground floor, 884 sqft, parking, private garden
Apt 2 - Ground floor, 919 sqft, private garden
Apt 3 - First floor, 682 sqft, parking, communal garden
Apt 4 - First floor, 1,066 sqft, communal garden
Apt 5 - First floor, 769 sqft, communal garden
Apt 6 - Second floor, 721 sqft, communal garden
Apt 7 - Second floor, 690 sqft, parking, communal garden
Apt 8 - Ground floor maisonette, 758 sqft, parking and private garden
Apt 9 - Ground floor, 701 sqft, parking and private garden

The apartments each have 125-year leases and are currently vacant. The estimated aggregate rental value of the apartments is £139,320 pa (or £1,290 pcm per apartment) based on local comparables. This implies a gross rental yield of 4.7% at the asking price of £2,950,000. The total service charge budget is £11,815 pa.

The freehold has been appraised at £50,000 and the seven car parking spaces appraised at a value of £70,000. Both figures are included in the asking price.

The apartments have energy performance certificate ratings of C (73-80).

Location information:

The development is in the heart of Meads Village, which is one of the finest parts of Eastbourne, to the west of the town centre. Meads high-street is just over a quarter of a mile away whilst Eastbourne's town centre, with its comprehensive shopping facilities and mainline railway station, is situated just over a mile away (a 26-minute walk or 6 minutes by car). The development is also ideally located for access to Eastbourne's historic seafront as well as the South Downs National Park.

The University of Brighton's Eastbourne campus, its sport centre and Welkin Halls are all based in Meads Village, bringing vibrance and students to the area. Meads Village is also spoilt for choice for good schools, both independent schools as well as Good and Outstanding state schools, both at primary and secondary school levels.

Note:

Please note that Vesta has not visited this property and that all material has been provided by the vendor.

Energy Performance Certificates

EPC 1

Denton Road, Eastbourne, East Sussex, BN20

Approximate location

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Eastbourne Station0.9 miles
  • Hampden Park Station2.3 miles
  • Polegate Station4.3 miles
Mortgages
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About the agent

Vesta, London

Aston House, Cornwall Avenue, London, N3 1LF

Vesta, London
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Disclaimer - Property reference VES-BN20-001. 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 Vesta, London. 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.

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