Unbroken freehold comprising of ground floor retail with basement (let at £20,000 per annum) and two self contained studio flats to the upper floors.
However the tenant has, without any consents at all, altered the upper two floors to create 2 x self contained studio flats. It is further understood that the tenant lives in one of the studio flats themselves and lets out the other flat for the purposes of receiving rental income.
Therefore noting a breach of the lease, it might be possible for the lease to be terminated prior to its current end date of 27/3/23 or alternatively, require the tenant to pay a higher rent. All interested parties should seek independent legal advice prior to making a commitment to purchase.
It is the considered opinion of the Auctioneer that if let on the open market via an Assured Shorthold Tenancy Agreement, the rental income of each
studio could be in the region of £600 per month, thereby potentially producing an additional rental income £14,400 per annum.
Ground and lower ground floor as retail (31.29m² and 22.95m²); non-consensual top floor studio at 4.45m x 4.1m; we believe the first floor studio to be of a similar dimension.
The property is located within the highly desirable and very much sought after North Laine in the heart of the city centre and enjoys a superb level of passing footfall each and every day. There is access to Brighton Mainline Railway Station with its commuter links to London and other parts of the country.
Guide prices are provided as an indication of the seller’s current minimum acceptable price at auction. They are not necessarily figures that a property will sell for, and may change at any time prior to the auction. The guide price may not be the minimum sale price, which can be higher or lower.
The reserve price is the minimum acceptable price under the hammer, which remains confidential, and may change at any time prior to the auction. Unless otherwise stated, each property will be sold subject to a reserve. The reserve is expected to be set no more than 10% above a fixed figure guide price, or within a guide price range.