MIXED USE FREEHOLD INVESTMENT FOR SALE £700,000 -9.98% NET YIELD
Summary
- OFFERS INVITED IN THE REGION OF £700,000
- MIXED USE FREEHOLD INVESTMENT- RETAIL & 7 BED HMO
- INCOME OF £73,650 PER ANNUM
- DESIRABLE HMO LOCATION CLOSE TO UNIVERSITIES.
- NET YIELD 9.98% - GROSS YIELD 10.51%
Accommodation
The accommodation comprises the following areas:
| Name | sq ft | sq m |
| Ground - Ground Floor Retail Unit | 428 | 39.76 |
| Building - 7 Bedroom HMO | 1,757 | 163.23 |
| Total | 2,185 | 202.99 |
Location
The property sits on the corner of Lewes Road and Inverness Road. Lewes Road is one of the main arterial routes into Brighton, down towards the seafront, and is a popular area of the city among its student population. Local occupiers include Sainsbury's, Pepe's Piri Piri, and Subway.
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Mainline Stations
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London Road (Brighton)9 mins
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Moulsecoomb16 mins
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Brighton16 mins
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Preston Park28 mins
Underground Station
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Caterham597 mins
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Tadworth615 mins
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Kingswood616 mins
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Whyteleafe South625 mins
Further Information
Rates Payable Upon Enquiry
EPC Rating This property has been graded as B (41)
Description
A prominent 4-storey corner building, comprising a Class E premises at ground floor level, that is currently operating as a Barber Shop, with a 7-bedroom, 7 en-suite HMO arranged from basement to second floor. The current income from the property as a whole is £73,560 per annum, with the retail unit let at a rent of £13,500 per annum, and the HMO element let at a rent of £5,005 per calendar month (£60,060 per annum).
Terms
Offers are invited in the region of £700,000 for the freehold interest subject to the existing tenancy. A purchase at this level would show a net yield of 9.98% & a gross yield of 10.51%.
Tenancy Details
Shop- Let to a private individual for a term of 20 years from 21st March 2012 with provision for 5 yearly rent reviews at a rent of £13,500 per annum on an effective full repairing & insuring basis. The landlord holds a 3 month rent deposit.
HMO- Let by way of an AST agreement at a rent of £60,060 per annum (£5,005 per calendar month).
Combined annual income- £73,560 per annum
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