Terraced 31 Kings Road was among 168 lots in the latest auction held by one of the top five property auctioneers in the UK, Clive Emson Land and Property Auctioneers.
It went under the auctioneer’s gavel at £373,000 freehold at the firm’s auction which ended on Thursday 1 May.
The property is arranged as a ground floor commercial unit let to a child and parent 'play and stay' facility, plus a two-bedroom flat and a four-bedroom maisonette. All units were be sold with tenants in situ.
Auction Appraiser Jade Flood said: “With the property currently fully let at £38,700 per annum, we had strong interest from investors attracted by what may well be an exceptional yield.”
The property is located in the heart of St Leonards within easy reach of further shops and amenities.
The shop unit is let on a five-year commercial lease from November 2023 at £13,500 per annum.
Flat 1 is let on a six-month assured shorthold tenancy agreement from June 2024 at a current rental of £1,000 per calendar month.
Flat 2, the maisonette, is let on a six-month assured shorthold tenancy agreement from June 2024 at a current rental of £1,100 per calendar month.
Clive Emson Auctioneers holds auctions eight times a year offering specialist advice for auction purposes with offices in Essex, Kent, Sussex, Hampshire and the West Country, selling with skill, speed and efficiency.
The next auction, the fourth of eight this year, goes live on 10 June and concludes on 12 June. Closing date for entries is 19 May with the catalogue available from 22 May.
See https://www.cliveemson.co.uk/ for more details.