Western Road, Hove
£2,500,000- 14 Bed
A substantial freehold mixed-use investment comprising 2 x retail units, 9 x flats and a vacant garage/workshop. The property is currently let and producing £194,900pa with potential to let the vacant garage/workshop to immediately increase the initial income. There is development potential to add further residential units on the flat roof section at the rear of the property, subject to obtaining the usual planning consents.
Tenancy Schedule
Flat 1 - 2 bedroom flat (62sqm) Let at £1,375pcm
Flat 2 - 1 bedroom flat (51sqm) Let at £1,100pam
Flat 3 - 2 bedroom flat (72sqm) Let at £1,600pcm
Flat 4 - 2 bedroom flat (66 sqm) Let at £1,500pcm
Flat 5 - 1 bedroom flat (51 sqm) Let at £1,050pcm
Flat 6 - 2 bedroom flat (71 sqm) Let at £1,450pcm
Flat 7 - 2 bedroom flat (65 sqm) Let at £1,500pcm
Flat 8 - 1 bedroom flat (41 sqm) Let at £1,100pcm
Flat 9 - 1 bedroom flat (49 sqm) Let at £1,150pcm
28 Western Road is let to Prominence Property on a 5 year lease from 6th September 2023 at £14,400pa with a fixed increase from 5th September 2025 when the rent will increase to £15,000pa for the remainder of the term.
29 Western Road is let to Jade Chinese Restaurant on a 20 year lease from 29th September 2010 at £29,000pa with the basement let at £9,600pa on a separate co-terminus lease. There is a rent review due on 1st November 2026.
Garage/Workshop accessed via Donkey Mews - currently vacant.
All residential EPCs are rated C, apart from Flat 4 which is rated B.
Location
The property is situated in a prime central location, close to Brunswick Square, Hove seafront and a host of independent and national occupiers such as Real Patisserie, SIX Bar and Restaurant, and Co-op Food.
Please note, the floor plan does not show the entire ground floor and basement ownership, 29 Western Road is missing therefore the plan should be used as a guide only.
