2 Bed Flat, Single Let, Bognor Regis, PO21 2QA, £91,000

Flat 10 Mill House, 7-8 Marine Drive West, Bognor Regis, West Sussex, PO21 2QA - 24 days ago

Leasehold

Auction

BTL

ROI: 20%

~68 m²

+7 photos

ValuationUndervalued

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Cashflows

Cash In
Purchase Finance	MortgageMortgage
Deposit (25%)	£22,750£22,750
Stamp Duty & Legal Fees	£3,930£3,930
Total Cash In	£26,680£26,680

Cash Out
Rent Range	£925 - £2,500£925 - £2,500
Rent Estimate	£943
Running Costs/mo	£493£493
Cashflow/mo	£450£450
Cashflow/yr	£5,400£5,400
ROI	20%20%
Gross Yield	12%12%

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Local Rents

37 rents from £925/mo to £2.5K/mo, average is £1.2K/mo.

Rent	Date	Distance	Address	Beds	Type
£1,200	06/24	0.03 mi	Marine Park, Nyewood Lane, Bognor Regis, PO21	2	Flat
£1,735	02/25	0.04 mi	-	2	Flat
£1,400	07/24	0.09 mi	Park Terrace, BOGNOR REGIS	2	Flat
£1,300	06/24	0.1 mi	Park Terrace, Bognor Regis	2	Flat
£1,250	06/24	0.1 mi	Princess Avenue, Aldwick, Bognor Regis, PO21	2	Flat
£1,200	06/24	0.11 mi	Park Road Bognor Regis PO21	2	Flat
£1,100	06/24	0.11 mi	Park Road, Bognor Regis, West Sussex, PO21	2	Flat
£1,100	06/24	0.12 mi	Aldwick Road, BOGNOR REGIS	2	Flat
£1,100	07/24	0.12 mi	Aldwick Road Bognor Regis PO21	2	Flat
£1,450	06/24	0.12 mi	Victoria Road South, Bognor Regis, PO21	2	Flat
£1,250	06/24	0.16 mi	Wood Street, Bognor Regis, West Sussex, PO21	2	Terraced House
£1,200	07/24	0.17 mi	Nyewood Place, Bognor Regis, PO21	2	Terraced House
£1,300	07/24	0.18 mi	Marine Parade Aldwick Bognor Regis West Sussex	2	Terraced House
£1,170	12/24	0.23 mi	-	2	Flat
£1,075	07/24	0.23 mi	Richmond Avenue, Bognor Regis, West Sussex, PO21	2	Flat
£1,050	06/24	0.25 mi	Norfolk Square, Bognor Regis	2	Flat
£1,200	06/24	0.25 mi	Grafton, Norfolk Square, Bognor Regis, PO21	2	Flat
£945	06/24	0.33 mi	Cavendish Road, Bognor Regis	2	Flat
£2,500	11/24	0.36 mi	-	2	Flat
£1,100	07/24	0.36 mi	West Street, Bognor Regis, West Sussex	2	Flat
£1,295	07/24	0.36 mi	Royal Hotel, The Esplanade, Bognor Regis, PO21	2	Flat
£950	01/25	0.37 mi	-	2	Flat
£1,100	07/24	0.41 mi	The Steyne, PO21	2	Flat
£1,450	06/24	0.41 mi	The Esplanade Bognor Regis PO21	2	Flat
£950	07/24	0.42 mi	Manor Place, Bognor Regis	2	Flat
£1,200	06/24	0.45 mi	Steyne Street, Bognor Regis, West Sussex, PO21	2	Flat
£1,250	07/24	0.46 mi	Eversley Court, Aldwick Avenue, Bognor Regis, PO21	2	Flat
£1,495	06/24	0.48 mi	Eversley Court, Aldwick Avenue, Bognor Regis, PO21	2	Flat
£1,600	07/24	0.49 mi	Aldwick	2	Flat
£1,000	06/24	0.52 mi	Burnham Avenue, BOGNOR REGIS	2	Flat
£925	02/25	0.53 mi	-	2	Flat
£950	07/24	0.53 mi	Burnham Avenue, Bognor Regis, PO21	2	Flat
£925	07/24	0.56 mi	Fitzleet House Queensway BOGNOR REGIS West Sussex	2	Flat
£975	07/24	0.56 mi	Fitzleet House Queensway BOGNOR REGIS West Sussex	2	Flat
£1,150	06/24	0.57 mi	Merchant Street, Bognor Regis	2	Terraced House
£1,050	07/24	0.58 mi	Canada Grove, Bognor Regis, PO21	2	Flat
£1,250	06/24	0.61 mi	Belmont Street, Bognor Regis, PO21 1JW	2	Flat

Local Area Statistics

Population in PO21	39,50939,509
Population in Bognor Regis	68,38068,380
Town centre distance	0.82 miles away0.82 miles away
Nearest school	0.70 miles away0.70 miles away
Nearest train station	0.67 miles away0.67 miles away

Rental demand	Landlord's marketLandlord's market
Rental growth (12m)	+28%+28%
Sales demand	Balanced marketBalanced market
Capital growth (5yrs)	+19%+19%

Property History

Listed for £91,000

February 19, 2025

Floor Plans

Description

For Sale By Auction on Thursday 13 March 2025

*Guide Price £91,000

Vacant 2 Bedroom Second Floor Flat

Description
Vacant leasehold second floor flat comprising, living room, kitchen, 2 bedrooms, bathroom and w/c. The property enjoys direct sea view's.

Situation
The property is situated on the coastal road of Marine Drive West, within walking distance of Marine Park Gardens, local shops, cafes and amenities. Both Arundel & Chichester town centre are a short drive from the property. Bognor Regis mainline station is less than 1 mile from the property.

Location Pin (What3Words): nails.drop.drives

Accommodation
Living Room - 5.52 x 2.40
Kitchen - 3.40 x 2.46
Bedroom 1 - 3.15 x 2.46
Bedroom 2 - 2.68 x 2.38
Bathroom - 2.25 x 1.43
WC - 1.23 x 0.91

Total Floor Area - 58.14 sq.m.

NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO BUYERS PREMIUM OF £1,560 (INC VAT) AND OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY

Tenure
Leasehold 189 years from 29th September 1977 to 29th September 2166.
Ground rent - Peppercorn

Council Tax - Band A

EPC Rating - F

Agent Details

Austin Gray, Auction House Sussex

01273 109784

Next Steps?

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