The investment opportunity comprises a former hotel, now arranged as 46 residential apartments and one retail unit within a terrace of three adjoining properties. The redevelopment occurred over five phases between 2013 and 2016 and comprises part new build.
The building comprises of 25 x studio apartments, 19 x one bedroom apartments and two x two bedroom apartments. The retail unit is situated on the ground floor on the corner between Cavendish Place and Seaside Road. The lower ground floor comprises one apartment and vacant storage space, which used to service the hotel.
The re-development was undertaken by the vendor in five phases, which occurred between 2013 and 2016. The property is currently 100% occupied and there has been minimal void periods since the start of the initial completions.
The property has a total rent passing of £313,460 per annum, of which £12,500 is from the retail unit. The portfolio has an estimated market rental value of £328,760.
Elm Park Mansions
Type: Other, Residential, Mixed Use, Other Property Types & Opportunities
Elm Park Mansions, Cavendish Place, Eastbourne, BN21 3EJGBEastbourne, EastbourneSussexBN21 3EJ23, Cavendish Place
This Property will now be going to Best and Final Bids at 12 noon on 31st May 2018. Please contact the Hailsham Office The property is located in a convenient and principally residential road adjacent to the Town Centre and Seafront Conservation Area, within an Area of High Townscape Value. Equidistant is the renowned Eastbourne tennis centre and popular theatres. Eastbourne Arndale shopping centre is currently undergoing a major refurbishment and extension to include nine screen cinema and additional retail and leisure facilities. Access to London Victoria via Eastbourne mainline railway station with regular trains twice hourly. The main building was substantially modified in the 1970s when an extension to the rear was also added. The ground floor is arranged as a place of worship with a large chapel, with further reading rooms and a large library to the rear. There is a reception area and office at the front with cloakrooms and stairs rising to the first floor providing three offices. The property has part gas-fired central heating and access points to the front, side and rear