1 commercial unit occupied on short term letting until April 2020
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Situation and description
The property is located on the West Cliff and a short distance from the commercial area of The Triangle. St Michaels Road is located just off Commercial Road and is a mix of commercial and residential occupiers including some hotels and guest houses.
The property comprises 3 residential flats, 15a, 15b and 17 St Michaels Road, which have been sold off on long leases and two commercial units, 15 and 21 St Michaels Road, No 21 having been sold off on a long lease. Each residential and commercial unit has its own entrance. There are no shared entrances, corridors or shared external space. Accommodation
15 St Michaels Road Width : 15’10” (4.82m) max Depth : 19’00” (5.79m) Sales Area 273 sq.ft. (25.36 sq.m.) Approx Cloakroom
3 residential flats and 21 St Michaels Road uninspected. Tenancies
15 St Michaels Road is currently occupied on a short term licence agreement at a rental of £100 per week until April 2020.
15A St Michaels Road (two bedroom maisonette over 1st and 2nd floors). 125 year lease from July 1998. Ground rent £100 p.a for first 33 years increasing to £200 p.a. For second 33 years, £400 for third 33 years and £800 p.a. Until lease expiry
15B St Michaels Road (one bedroom basement flat). 125 year lease from March 2017 Ground rent £250 p.a. For first 33 years increasing to £500 p.a. For second 44 years, £750 p.a. For third 33 years and £1,000 p.a. Until lease expiry
17 St Michaels Road ( three bedroom maisonette over 1st and 2nd floors). 125 year lease from July 1998. Ground rent £100 p.a for first 33 years increasing to £200 p.a. For second 33 years, £400 for third 33 years and £800 p.a. Until lease expiry
21 St Michaels Road (commercial unit). 999 year lease from 1st January 2003 at a peppercorn ground rent
Service charge and maintenance Service charge is issued twice yearly which includes building insurance, planned maintenance, and sinking fund. All units contribute 20% Sinking Fund currently £1,950 Buildings Insurance £370
Price £89,000 for the freehold subject to and with the benefit of the existing long leases and ground rent income and rental income from 15 St Michaels Road
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