ELM PARK MANSIONS, CAVENDISH PLACE, EASTBOURNE BN21 3EJ FREEHOLD MIXED USE INVESTMENT OPPORTUNITY

LOCATION The site is located on the south coast, a short distance to the north west from the historic Eastbourne Pier and half a mile to the east of Eastbourne train station. To the north of the site is the Royal Hippodrome Theatre and to the south west is The Devonshire Park Lawn Tennis Club. The property is located on the junction of Cavendish Place and Seaside Road. Seaside Road (A259) connects the property to the heart of Eastbourne travelling south west and by travelling to the north it gives access to the A2290 (which provides further access to roads leading to Hastings and Brighton). Eastbourne train station is 0.5 miles west of the property. Eastbourne train station provides four trains into London Victoria every hour with a journey time of just over 90 minutes. Three trains every hour provide services from Eastbourne west to Brighton with a travel time of approximately 35 minutes. All journey times are approximate. Source: National Rail Enquiries / Transport for London. Pro Map. Licence Number SUMMARY  Excellent freehold investment opportunity a short walk from Eastbourne seafront and Pier  Newly refurbished and fully let 46 unit and 1 commercial unit, unbroken investment  Further rental growth and asset management potential  Current income of £282,240 per annum in addition to the commercial unit which is let until December 2017 producing a current income of £12,000 per annum. ELM PARK MANSIONS, CAVENDISH PLACE, EASTBOURNE BN21 3EJ DESCRIPTION The traditional construction consists of a steel frame that was added during the full renovation. At ground floor level there is office space that is accessible from Seaside Road and that is let to a charity on a 5 year term. The original terrace (excluding the three storey extension to No. 24) dates back to All flats within the building are let on 6 month AST contracts. The 5th phase of the development was recently completed. The residential aspect of the development includes: 25 studio apartments, 19 one bedroom apartments and 2 two bedroom apartments. The 5 one bedroom flats benefit from a courtyard garden. The studio apartments are currently let from £425 pcm and one bedroom apartments from £550 pcm.

ELM PARK MANSIONS, CAVENDISH PLACE, EASTBOURNE BN21 3EJ MARKET COMMENTARY Eastbourne was developed by the Duke of Devonshire and benefits from a growing population, a broad economic base, and is home to companies in a wide range of industries. With a population of 100,000 people Eastbourne is the second fastest growing seaside town in the UK. As a seaside resort, Eastbourne has enjoyed an increasing income from tourism, in recent times, with the town boasting a range of cultural attractions. The seafront at Eastbourne consists almost entirely of Victorian hotels. Along with its pier and bandstand, this serves to preserve the seafront attracting large numbers of tourists to enjoy the towns 4 miles of shingle beach from Sovereign Harbour in the east to Beachy Head in the west. INVESTMENT SUMMARY Income producing asset with a current annual income of £294,240 All 46 apartments let on Assured Shorthold Tenancies (ASTs) with an annual income of £282,240 The commercial unit is let until December 2017 with an annual income of £12,000 with no break The property may lend itself to alternative uses subject to obtaining all of the necessary planning consents

ELM PARK MANSIONS, CAVENDISH PLACE, EASTBOURNE BN21 3EJ PLANNING According to the Borough Local Plan, the application site lies within the defined Town Centre/Seafront Conservation Area and within the defined Tourist Accommodation Area. The property is also located in the Town Centre as defined in the plan. The original terraced properties are Grade II listed buildings. Eastbourne Borough Council TENURE Freehold. VAT Please note that VAT, if applicable, may be payable in addition to the purchase price. EPC EPCs are available upon request and hosted within the Colliers International dataroom. METHOD OF SALE The properties are offered for sale by way of private treaty, as a single lot, and subject to the existing tenancies and leases. The vendor is not bound to accept the highest and/or any offer and reserves the right to undertake an informal tender.

Licence number Disclaimer Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. (07/15) Colliers International is the licensed trading name of Colliers International Business Space UK LLP which is a limited liability partnership registered in England and Wales with registered number OC Our registered office is at 50 George Street, London W1U 7GA. SUBJECT TO CONTRACT ELM PARK MANSIONS, CAVENDISH PLACE, EASTBOURNE BN21 3EJ WAYLEAVES, EASEMENTS AND RIGHTS OF WAY The site, outlined in red on the ordnance survey extract (for identification purposes only), is to be sold subject to any rights of way, restrictions or easements, which may exist whether or not mentioned within these particulars. The site is to be sold subject to any planning scheme, development plan or agreement and resolution or notice, which may or may not come into force and is subject to any statutory provisions or byelaws, without obligation on part of the vendor to supply them. VIEWINGS Viewings are available strictly via private appointment with sole agent Colliers International. FURTHER INFORMATION For further information or to arrange an inspection of the property, please visit the Colliers International dataroom at: or contact: Andrew White James Burke Timothy Traynor