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Property Investment
RDA ESTATES LIMITED
(We arrange it all)

25 MARLBOROUGH COURT,  THE DRIVE, HOVE, BN3 3JX
THIRD FLOOR STUDIO IN PURPOSE BUILT BLOCK

PRICE £ 129,950 LEASEHOLD

Location:  The Drive, one of  Hove's wide tree lined boulevards, is a much sought after address in Hove.  Hove seafront, with its delightful lawns, promenades and beaches, is very close by and a cosmopolitan selection of bars, restaurants and shops are also within easy walking distance.  Hove's mainline railway station provides fast, frequent links to London Victoria and Gatwick Airport and local buses provide quick, regular services to Brighton city centre and beyond.  Sussex County Cricket Ground is also just a short walk away.

Description:  An East facing, purpose built, third floor studio flat overlooking The Drive.  This property has an excellent letting record - a good long term tenant with no rental voids.  An excellent investment opportunity.

Total Area:  250 square feet

Entrance Hall:  Entryphone, range of storage cupboards, large linen cupboard with insulated cylinder tank and immersion heater.

Studio: 15'10 x 9'9  East facing secondary double glazed window, built in wardrobes, oil filled electric heating.

Kitchen:  8'5 x 5'10  Comprising white wall and base units with grey work surfaces, inset single drainer stainless steel sink unit, built in electric oven with ceramic hob.  Space and plumbing for washing machine (Zanussi washing machine included), space for refrigerator (Zanussi fridge included) and tiled splash back. 

Bathroom:  White suite comprising panelled bath, with electric shower (Mira Sport elite 2) over, low level WC, pedestal wash basin, fully tiled walls. High internal glazed window for natural light.

Outgoings
Lease  999 years from 1967
Ground Rent  £100
Maintenance  £582

The exterior of the building has undergone extensive refurbishment in three phases.  The final phase is due to be completed this year.  It has already been funded.

Update Recommendation:  No update needed at present.  When the present tenant leaves redecoration and new carpets will be required.

These details are produced in good faith but are set out as a guide only and do not constitute any form of contract nor any statement contained therein to be representation of warranty.  Any intended purchasers must satisfy themselves by inspection or under advice of their solicitor particularly in context of any approved plans for other on site or nearby development.


 

FINANCIAL FORECAST

25 MARLBOROUGH COURT, THE DRIVE, HOVE, BN3 3JX

Asking Price £129,950
Set Up Costs
Solicitors Fees £645 Inc VAT excludes disbursements
Research  £1,500  
Purchase Costs
Assumed Purchase Price £129,950

Estimated Update

£0  
Stamp Duty nil Commencing @ 1% over £175k
Total Purchase Costs £129,950
Estimated Rental Income
Rent per week £120  
Rent per month £520
Rent per year £6,240
   
Owners Annual Operating Costs

Rental Agents Fees

£1,100  @15% plus VAT

Ground Rent

£100

 
Maintenance

£600

 

Total Operating Costs

£1,800

Summary
Gross rent per year £6,240
Annual Operating Costs £1,800
Nett Cash in Hand p.a. £4,440
Nett Cash in Hand p.m. £370
Mortgage .... Assuming 80% loan
Amount of Loan £103,960
Total Cash Outlay £28,135