A detached former bungalow with potential in St Leonards, now used by a medical practice, is coming up for auction next month as an investment opportunity.
Silver Springs in Beaufort Road is among 170 lots in the auction being held by independent regional land and property auctioneer Clive Emson Land and Property Auctioneers.
It is being offered jointly with Dyer + Hobbs at Clive Emson’s Sussex and Surrey regional sale in Brighton on Wednesday, September 11 with a freehold guide price of £160,000 to £180,000.
Director and senior auction valuer Sam Kinloch said: “This detached former bungalow is currently occupied by Silver Springs Medical Practice providing GP services for the surrounding area.
“Offered for sale with the tenant in situ and providing an immediate income of £36,000 per annum in rent, vacant possession will be given once the tenants’ new premises have been completed. Once vacant, the site offers huge potential for re-development to provide multiple residential units, subject to all necessary consents being obtainable. The site had previous planning approval in 2008 for the construction of nine self-contained apartments.
“In addition to the main building the site is also offered for sale with the adjacent parking area which could benefit any development or may itself be suitable for future development.”
Also in St Leonards, a one bedroom flat on the first floor of Marine Court is being offered with a leasehold guide price of £25,000-plus.
Sam added: “This north facing apartment provides easy access to the promenade, seafront and town centre which offers a wide variety of local shops, restaurants and amenities.
“Marine Court is serviced by a 24-hour portage, passenger lift and is currently undergoing major external refurbishment. Offered for sale with vacant possession the property would make an ideal pied-a-terre.”
The fifth round of Clive Emson’s regional Sussex and Surrey auctions for 2019 takes place at the Hilton Brighton Metropole on Wednesday, September 11 at 11am.