Freehold development opportunity comprising a 3 storey block of 5 X 2 bedroom apartments (sold off on long leases) with prior approval for an additional floor and construction of 2 x 2 bedroom penthouse apartments. Ground rents of £200 pa (rising).

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Description/Location

The block is situated in a residential area, just back from The Esplanade and seafront. Flat 1 is held on a lease for 999 years at a peppercorn. Flat 2 is held on a lease for 999 years at a peppercorn. Flat 3 is held on a lease until 19/12/2161. The ground rent is £100 for the first 25 years, doubling every 25 years. Flat 4 is held on a lease until 19/12/2161. The annual rent is £100 until 24/06/2032 increasing by £100 every 30 years. Flat 5 is held on a lease of 140 years approx. at a peppercorn. Prior Approval Ref: BR/178/22/PD granted by Arun District Council on 25/10/2022 for construction of an additional storey creating 2 additional, 2 bedroom apartments.

Tenure

Freehold

Office Contact

Please contact Ground Rent Auctions on 020 3987 0139.

Accommodation

Prior Approval for Third Floor: 2 x 2 bedroom penthouse apartments (61 sqm & 65 sqm) with access via existing stairwell.

Rent

Ground Rent: £200 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.