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    Key features

    • Freehold Mixed Use Property
    • Two Retail Units and Two Flats Above
    • Flats Let - Producing £17,100 per annum
    • Retail Units Vacant
    • Asset Management Potential
    • Development Potential (stp)
    • Prior Approval Submitted for Ground Floor Conversion to Additional Five Flats
    • Large, Prominent, Corner Site

    Description

    The property comprises a large detached building occupying a large corner site in a popular South Coast town.

    Arranged across ground and first floors, the property is arranged as two retail units to the ground floor as well as a rear storage area and garage. The units are currently vacant and were previously used as a cafe and a fireplace sales business. The upper parts comprise two flats of one and two bedrooms respectively.

    The flats are currently let on separate assured shorthold tenancy (AST) agreements, producing a total annual rent of £17,100 per annum. The ground floor retail units and rear storage are currently vacant, offering both asset management potential and development potential (subject to obtaining the requisite consents).

    Peacehaven is a popular seaside resort town located between Brighton and Eastbourne, the surrounding area is characterised by a mix of local retail and residential use.

    Additional information

    Tenure

    Freehold

    Planning

    Whilst there are no extant planning consents, an application has been submitted for the conversion of the ground floor accommodation to residential use, providing five flats:


    Flat 1 - One Bedroom - 57.33 sq m

    Flat 2 - One Bedroom - 50.37 sq m

    Flat 3 - Two Bedrooms - 60.01 sq m

    Flat 4 - One Bedroom - 50.58 sq m

    Flat 5 - One Bedroom - 52.30 sq m


    There is precedent for conversion of ground floor retail space in the area being converted to residential use; the nearby 32 South Coast Road previously received consent for conversion to two flats.


    Please consult the local authority planning portal for more information.

    Rent

    £17,100 per annum
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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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