Property Information
Address:
8 & 9 Old Steine, Brighton, East Sussex, BN1 1EJ
, BN1 1EJ
Price: Property no longer available.
Size: 551 sq ft51 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH480649
Property Ref/Agent: 8 And 9 Old Steine Brighton East Sussex Bn1 1ej 406 - investment
*Please use the agent ref when calling the agent directly.
Property description
8 & 9 Old Steine, Brighton, East Sussex, BN1 1EJ
Status
Under Offer
Location
The attractive Grade II Listed buildings are located on the eastern side of Old Steine in the heart of Brighton City Centre within the established business district.
The buildings have direct views over the Royal Pavilion and the extensive amenities of Brighton City Centre are within easy walking distance.
Brighton station is under one mile away and numerous bus services serve the immediate area.
Description
The Grade II Listed properties comprise extensive period features throughout.
At present the two properties are linked at second, third and fourth floor level.
Stairs connect all floors and 8 Old Steine benefits from a lift which serves the ground to fourth floors.
9 Old Steine benefits from an attractive rear garden with a large decking area. This is a unique feature particularly bearing in mind the property’s City Centre location.
Key Points
Extensive period features
Gas fired central heating
Good natural light
Direct views over the Royal Pavilion
Carpeted
Kitchen/wc facilities
Intercom entry system
Accommodation
The properties have the following approximate net internal floor areas:
Floor
8 Old Steine
9 Old Steine
Basement
51.17 sq m
(551 sq ft)
61.22 sq m
(659 sq ft)
Ground
60.85 sq m
(655 sq ft)
65.20 sq m
(702 sq ft)
First
47.58 sq m
(512 sq ft)
76.67 sq m
(825 sq ft)
Second
48.44 sq m
(521 sq ft)
52.76 sq m
(568 sq ft)
Third
49.50 sq m
(533 sq ft)
65.22 sq m
(702 sq ft)
Fourth
50.30 sq m
(541 sq ft)
39.71 sq m
(427 sq ft)
Total
307.84 sq m
(3,314 sq ft)
360.78 sq m
(3,883 sq ft)
Tenancy
Proposal:
The current occupier, Healys LLP, are proposing to take new 10 year effectively full repairing and insuring leases on both properties at the following initial rents:
8 Old Steine – £63,500 per annum
9 Old Steine - £72,500 per annum
The leases will be inside of the Landlord and Tenant Act and there will be rent reviews at the fifth anniversary of the term. Healys LLP are a full service “Legal 500” commercial law practice with strategic offices in Brighton and London. Healys, who were established in 1980, have over 100 employees and undertake work across the UK and internationally. For further information visit the company website –
Healys LLP have enjoyed sustained growth and project further 15% growth this year. Accounts can be made available on request.
Price
We are instructed to seek offers for the freehold interests in the properties on the following basis:
8 Old Steine – offers in excess of £955,000 (Nine Hundred and Fifty Five Thousand Pounds)
9 Old Steine – offers in the excess of £1,091,000 (One Million and Ninety One Thousand Pounds)
Purchases at these levels would reflect a Net Initial Yield of 6.28% after allowing for purchaser’s costs of 5.80%
Business Rates
At present 8 & 9 Old Steine have a combined Rateable Value of £61,000.
VAT
We understand that neither property is elected for VAT.
Legal Costs
Each party to be responsible for their own legal fees.
;