Mixed Use Commercial for sale in 33 Mighell Street & 70a Carlton Hill, Brighton

Mixed Use Commercial - £1,100,000

33 Mighell Street & 70a Carlton Hill, Brighton

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First listed on: 29th January 2020

Nearest stations: Brighton (0.6 mi)London Road (Brighton) (0.9 mi)Moulsecoomb (1.7 mi)Hove (1.9 mi)Preston Park (1.9 mi)

Interested in this property? Call See phone number 01273 201989

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Property Description

For sale by auction on Thursday, 05 March 2020 at 14:30

Venue: The Hove Club, 28 Fourth Avenue, Hove, BN3 2PJ

A 5 storey detached, newly built mixed-use investment comprising 9 flats each sold off on 125 year leases with three office suites on the ground floor and part first floor.

situation
The property is centrally situated adjacent to the recently built American Express HQ building on John Street and close to the new Circus Street mixed-use development, which is due to provide 142 new homes and 450 student rooms.



The area has been the subject of considerable investment over the past few years and this looks set to continue with the development of the Edward Street Quarter on the site of the former American Express 'Wedding Cake' building.

accommodation
Residential

9 flats over part first, second, third and fourth floors all sold off on 125 year leases from circa 2019 producing a combined initial ground rent of £900 per annum.



Office

First floor office: Let on a 10 year lease from 4th June 2019 at a rent of £15,000 per annum. There is a tenant break option at the 5th anniversary.



Ground floor west: Let on a 5 year lease from 17th May 2019 at a rent of £48,000 per annum following a discount in the first year to allow for tenant fit-out. There is a tenant break at the 3rd anniversary.



Ground floor east: Let on a 3 year lease from January 2020 at a rent of £24,500 per annum. There is a tenant break at the 2nd anniversary.



The sale of the freehold will be by way of a transfer of 100% share capital in the holding company. This is the only asset the company holds. Further details will be available in the legal pack.

Viewings

Additional Fees
Administration Charge - Purchasers will be required to pay an Administration fee of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £660 (£550 plus VAT)
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides 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. Each 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.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.

For sale by auction on Thursday, 05 March 2020 at 14:30

Venue: The Hove Club, 28 Fourth Avenue, Hove, BN3 2PJ

A 5 storey detached, newly built mixed-use investment comprising 9 flats each sold off on 125 year leases with three office suites on the ground floor and part first floor.

situation
The property is centrally situated adjacent to the recently built American Express HQ building on John Street and close to the new Circus Street mixed-use development, which is due to provide 142 new homes and 450 student rooms.



The area has been the subject of considerable investment over the past few years and this looks set to continue with the development of the Edward Street Quarter on the site of the former American Express 'Wedding Cake' building.

accommodation
Residential

9 flats over part first, second, third and fourth floors all sold off on 125 year leases from circa 2019 producing a combined initial ground rent of £900 per annum.



Office

First floor office: Let on a 10 year lease from 4th June 2019 at a rent of £15,000 per annum. There is a tenant break option at the 5th anniversary.



Ground floor west: Let on a 5 year lease from 17th May 2019 at a rent of £48,000 per annum following a discount in the first year to allow for tenant fit-out. There is a tenant break at the 3rd anniversary.



Ground floor east: Let on a 3 year lease from January 2020 at a rent of £24,500 per annum. There is a tenant break at the 2nd anniversary.



The sale of the freehold will be by way of a transfer of 100% share capital in the holding company. This is the only asset the company holds. Further details will be available in the legal pack.

Viewings

Additional Fees
Administration Charge - Purchasers will be required to pay an Administration fee of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £660 (£550 plus VAT)
Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.

Price Information
* Guides 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. Each 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.

Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. This includes and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.

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Date History Details
30/01/2020 Property listed at £1,100,000

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Disclaimer

Disclaimer Property reference 1080_101606. Details are provided and maintained by Auction House. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

This property is marketed by

37 Vernon Terrace

Brighton

East Sussex

BN1 3JH

Telephone: See phone number 01273 201989

Arrange Viewing Arrange Viewing with Agent

Disclaimer

Disclaimer Property reference 1080_101606. Details are provided and maintained by Auction House. Nethouseprices.com makes no warranty as to the accuracy or completeness of aforementioned details.

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This property is marketed by

37 Vernon Terrace

Brighton

East Sussex

BN1 3JH

Telephone: See phone number 01273 201989

Arrange Viewing Arrange Viewing with Agent

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