INVESTMENT/DEVELOPMENT OPPORTUNITY

11 Flats with a rental income of £122,400 per annum - 1 Flat Currently Vacant

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 £122,400 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 metres (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 (This has subsequently been withdrawn, this is not due to the fact that the planning authority were not prepared to grant it but on the basis that they required a bat survey that cannot be done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 £122,400 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: £1025 pcm

Contract: 12 Month until April 2026

EPC: D55

Council Tax Band: Band A

Room Sizes: 47 Square Metres

Flat 2:

Current Rent: £1000.00 PCM

Contract: 26 Months until September 2026

EPC: C74

Council Tax Band: Band A

Room Sizes: 48 Square Metres

Flat 3:

Current Rent: £1025.00 PCM

Contract: 12 Months Until May 2026

EPC: D65

Council Tax Band: Band A

Room Sizes: 43 Square Metres

Flat 4: Ground Floor Flat

Current Rent: £1025 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

On The Market For: £1025.00 PCM

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: £1100.00 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: £1075.00 pcm

Contract: 12 Months until March 2026

EPC: C69

Council Tax Band: Band A

Room Sizes: 60 Square Metres

Flat 11:

Current Rent: £1025.00

Contract: 12 Months until June 2026

EPC: D58

Council Tax Band: Band A

Room Sizes: 61 Square Metres

Total Rental income: £10,200 pcm = £122,400 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.

Harringtons Lettings have been acting for landlords and tenants since 1993. We have an award-winning experienced team. Despite many changes that have taken place in the lettings industry, we remain the same transparent independent letting agent. From houses to rent in Hove and flats to rent in Brighton, property remains one of the safest and best preforming investment opportunities. Being an independent letting agent in Hove we have built long term relationships with our landlords. Our landlords benefit from a wide range of services that we offer. We often tailor make our service to suit their individual needs. We are truly independent whether you are a private or commercial landlord. We have a common desire to ensure that your most expensive asset is maintained to a high standard by professionals that you can rely on. There are very few agents whether corporate or independents that compete with Harringtons. We remain one of the only specialist independent letting agents in Brighton and Hove who don't deal with sales. We specialise in the lettings market only. We understand that choosing your letting agent can be one of the most important decisions that you make. You will need a transparent agent that you can rely on. Who acts in your best interest and ensures your property is well managed. We pride ourselves in our expert knowledge in this market. With the forever changing laws and regulations we are constantly up to date ensuring our landlords are always protected. If you are looking for a Brighton letting agent, then you have come to the right people with an experienced team. We have some of the most qualified people in the industry, as well as award winning. We know it is important with landlords that they speak to the same people day in, day out who know their property. We give you direct feedback and will always give landlords our experienced advice. You will hear the truth from Harringtons, not what you want to hear. We work very closely with our landlords and appreciate they all have different requirements. We take pride in being one of the only independent letting agents in Brighton and can be flexible to work with you. We ensure that you obtain the best possible rent as well as quality tenants for your property. Please do not hesitate to contact us on 01273 724000 to discuss your requirements. Harringtons Lettings www.harringtonslettings.co.uk valuations@harringtonslettings.co.uk

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11 bedroom block of apartments

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