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Land for sale
Flat , Cloona East, Carlisle Road, Eastbourne
£35,000
Flat , Cloona East, Carlisle Road, Eastbourne
£35,000
Our Summary
- The freehold for the flats is available The flats have been sold off on leasesInvestment Opportunity: Freehold of Cloona East, Carlisle Road - Flats 3, 4, & 5Milestone Group is excited to present an exceptional investment opportunity in the form of the freehold for Cloona East, encompassing Flats 3, 4, and 5
- This property, formerly the manor house of the Duke of Devonshire, holds significant historical value and potential for substantial returns
- Short Lease on Flat 4:Flat 4: This unit has a shorter lease of approximately 56 years remaining, presenting a unique opportunity for lease extension negotiations and potential value uplift
- This freehold presents a rare chance to own a piece of history with significant investment potential
- The combination of long leases on two of the flats, the opportunity to extend the short lease on Flat 4, and the property's prestigious background make this an attractive investment proposition
- Potential for Development: You may have the opportunity to develop or extend the property, subject to planning permissions, which can increase the value of the property
- Lease ExtensionsEasier Lease Extensions: Leaseholders often need to extend their leases, especially when they become shorter than 80 years
- No Premium for Extension: If you own both the leasehold and freehold, extending the lease doesn't require a premium payment to a third-party freeholder
Description
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Here is a summary of the property description in a single paragraph:
The freehold of Cloona East, a historic property on Carlisle Road, is available for purchase, comprising three flats with varying lease lengths. Flat 3 and 5 have long leases of 964 years remaining, while Flat 4 has a shorter lease of approximately 56 years. The property offers a unique investment opportunity, with potential for substantial returns. As the freeholder, you will have control over the management of the building, including setting service charges, collecting ground rent, and negotiating lease extensions. You will also avoid leasehold pitfalls such as declining value and high service charges, and have the right to enforce covenants and reversionary interest. With this freehold, you can establish a direct relationship with tenants, foster a sense of community, and ensure ultimate control over the property.