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Property description & features
- Tenure: Freehold
- By auction 13 th december 2023 with savills
- Guide £795,000 +
- £77,500 income pa
- Planning consent obtained for further development of 2 further apartments
- Modern building
- Close to new edward street quarter & circus street developments
(year end September 2021 had a turnover of £177,759,643 & net assets of £56,042,174)). Planning consent has been obtained to construct 2x2 bedroom apartments at 4th floor level under planning application number BH2022/00717 & appeal number APP/Q1445/D/22/3301047.
The building is situated on the corner of Carlton Hill & Mighell Street adjacent to the new Amex Building & Edward Street Quarter development where Octopus Energy, NatWest & Knights Solicitors have recently taken a significant space. The Circus Street Development is also nearby with Southern Dance as a key tenant. The popular Queens park is a few minutes walk away where Starfish & Coffee is situated, whilst Brighton City Centre & The seafront can also be easily accessed.
The property be sold by way of auction in Savills Auction on the 13th December 2023. A guide of £795,000 + has been set for the freehold interest with the benefit of the existing tenancies & planning consent. The property is elected for VAT & it is therefore proposed the purchase will be by way of a TOGC. Based on the income of £77,500 this would produce a gross yield of 9.75% with the benefit of the planning consent to develop further.
Savills, 33 Margaret Street, London, W1G 0JD
FAO Steven Cane
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