Landmark Property: Parsons Son and Basley
36 Sussex Square, Brighton
Guide price: £1,400,000 – £1,550,000 FREEHOLD
Number 36 Sussex Square is a Grade I Listed terraced building in one of the most exclusive squares in the area, with over an acre of private landscaped gardens just off Kemp Town seafront. It is being offered for sale by auction through Parsons Son and Basley on 26th September at Hove Town Hall in Norton Road starting at 3pm. The guide price is £1.4m-1.55m.
The property was designed by Amon Henry Wilds and Charles Busby, as were the other properties in the square and the adjoining Lewes Crescent. Works commenced in 1834 under the supervision of the builder, Thomas Cubitt, with the project conceived and financed by Thomas Read Kemp of the eponymous Kemp Town fame.
Kemp fled the country to avoid his creditors in 1837 after suffering financial setbacks and works continued under Cubitt with the support of the Fifth Earl of Bristol.
It was finally completed in 1855 and its first registered owner was Reverend Charles Young in 1864. Along with adjoining buildings numbers 35 and 37 it became Reverend F. Prices Gentlemen’s School in 1890 and remained a school up until 1925. At that time it operated as Ascot House School and the headmaster was also the French Consulate until it was converted into residential units.
It was converted into flats in 1936 and has remained as a residential conversion up to this day. At present it comprises eight self-contained units over six floors, and unconverted storerooms in the basement. Two of the flats are vacant, with four of the units let on assured shorthold tenancies, one on an assured tenancy and the whole basement on a 10-year rent-free lease.
The building produces approximately £66,000 per annum in total, with the potential for rental growth. The ground floor studio flat is in need of refurbishment throughout but the other vacant unit provides a third and fourth floor two bedroom maisonette which is ready for immediate occupation.
The property has been in the ownership of the same family for three generations (more than 60 years) and has been well maintained by the present owners. This is a rare and unique opportunity to acquire a whole property in this amazing location, which retains many of the original fixtures and fittings. Parsons Son and Basley are expecting huge interest both locally and nationally and auctioneer Richard Payne comments: “We, as a firm, have acted for the family for a number of years and are delighted and privileged to be involved in the disposal by auction of this landmark building. We are looking forward to achieving the best price for our clients with the auction market very strong at present for residential investments of this type and quality.”
There will be an opportunity to view the property on a twice-weekly basis on Wednesdays and Fridays at 10am and full details are available on their website www.psandb.co.uk/auctions.
Please contact a member of their auction team on 01273 274014/274010 and we will be happy to deal with any enquiries.
