Garages across Eastbourne have been sold off by the council for £372,000 at auction this month.
Thirty-six Eastbourne Borough Council lock-up garages went under the auctioneer’s gavel in four separate lots at Clive Emson’s Sussex regional sale in Brighton.
A block of 14 garages at the rear of 10-20 Iden Street in Hampden Park went for £135,000 freehold. Seven are let, generating £4,084 per annum in rent. Fully let, the estimated annual rent for all 14 is £10,920.
A detached block of 15 garages adjacent to 70 Pensford Drive in Langney in a predominately residential area of town have sold at £130,000 freehold. Ten are let, generating £4,960.80 per annum, with five vacant. Estimated achievable rental is £9,360.
Five garages in a block opposite 48 and 50 Saxby Close – again in the residential area of Langney – sold for £80,000. All five are let and scope for a rent increase gives an estimated rental of £3,900 per annum.
A pair of garages at 56-57 Iden Street, went for £27,000 freehold. One is let at £583 per annum while estimated potential annual rental for both is put at £1,560.
Senior auction valuer Sam Kinloch said, “Once again we have seen single garages and blocks continue to be extremely popular with investors. All four lots exceeded guide price.”
Also in Eastbourne, a three-storey, mid-terrace property with two flats and a commercial premises at 83 Cavendish Place, was sold for £55,000 freehold as an investment property.