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For Sale 12 Bedrooms 5 Bathrooms 0 Reception Guide Price £1,250,000

Cranston Road, East Grinstead, RH19 - Guide Price £1,250,000

Guide Price £1.25m - £1.35m This substantial Victorian detached building is located just 0.8 Miles from East Grinstead train station. Currently set up as a 12 room House of Multiple Occupation (HMO) with a current Fully Let Income of £105,720.00 P/A.

Drury Lodge, Cranston Road, East Grinstead, Sussex. Drury Lodge provides twelve single or double rooms to rent, each with their own kitchen facilities and a bathroom shared with just one or two other tenants. This grand Victorian building is set in a spacious garden shared by the tenants and maintained by a gardener. It is exceptionally well located: East Grinstead town centre and the Queen Victoria Hospital are each within ten minutes' walk and East Grinstead station is within 15 minutes. East Grinstead is an attractive town in North Sussex with a wide range of shops, parks and other facilities. It is on the edge of beautiful open countryside but also a short drive to major locations such as Gatwick and Crawley.

It is rare that such an opportunity comes to the market. A fantastic, substantial and grand Victorian detached building is currently used as a House in Multiple Occupation (HMO). The current licence allows up to 20 people to live in the property at any one time. That said, the scope for development (STPP) in to a number of apartments is more than obvious too.

A grand entrance hall and doorway is testament to the Victorian era this home was built in.

Given the central location it is ideal for the town centre and mainline train station: it's no wonder it is normally fully occupied.

The ground floor is licensed for seven occupants. 'Room let 3' has the extra benefit of its own front door, separate lounge, kitchen, WC & double bedroom. The rooms are serviced by a shower room/utility area with WC and separate WC.

The first floor is licensed for seven people. Room let 6 being the largest, with plenty of character courtesy of the turret and a balcony which enjoys a pleasant outlook over the tree-bordered side garden. A shower room with toilet provide the services on this level.

Off the stairs to the second floor there are three shower rooms which all have the own W/C. On the second floor there are a further 3 room let's licensed for 6 people. Room let 10 has a kitchen/diner and a lounge/bedroom with turret, whilst Room let 12 has its own separate kitchen. A large attic space will be of great benefit too.

This is a unique opportunity to acquire a substantial investment property that is let.

Rent PCM Rent PA
Room 1 775.00 9300.00
Room 2 800.00 9600.00
Room 3 800.00 9600.00
Room 4 640.00 7680.00
Room 5 525.00 6300.00
Room 6 895.00 10740.00
Room 7 800.00 9600.00
Room 8 525.00 6300.00
Room 9 650.00 7260.00
Room 10 825.00 9900.00
Room 11 800.00 9600.00
Room 12 775.00 9300.00

£8810.00 £105720.00

Running Costs (per annum)

Cleaning £3,600
Garden maintenance £1,000
Gas and electricity £5,400
Water and waste £2,000
Council Tax £3,550
Building insurance £1,700
Fire alarm (line, monitoring, servicing) £1,000
Gas safety test £250
TOTAL £18,500

Excludes costs of finance and building maintenance.

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Total SDLT due

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Up to £250k (Percentage rate 0%)

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Above £250k and up to £925k (Percentage rate 5%)

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Above £925k and up to £1.5m (Percentage rate 10%)

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Above £1.5m (Percentage rate 12%)

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Up to £425k (Percentage rate 0%)

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Above £425k and up to £625k (Percentage rate 0%)

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Please note: This calculation is for illustrative purposes only. Calculations applicable to transactions completing after 23/09/2022. The above calculator should not be relied upon when making financial decisions. Please seek advice from a specialist financial provider.

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Letting Fee Information

1) Tenant Referencing Fee - 1st Applicant £200.00 + VAT = £240.00. Plus £100.00 + VAT = £120.00 for each tenant thereafter.

2) Admin Fee for Tenant  (Check out )
    Studios, One Bedroom, Two Bedrooms -  £120.00 + VAT £24.00 = £144.00
    Three Bedrooms -  £150.00 + VAT £30.00 = £180.00
    Four Bedrooms -  £200.00 + VAT £40.00 =£240.00
    Five Bedroom -  £250.00 + VAT £50.00 = £300.00

3) Holding Deposit - £300.00 which will be deducted off the first month’s rent.

4) Tenancy Renewal - £100.00 + VAT = £120.00

5) Tenancy Deposit - Typically six weeks of the monthly rent, lus first month’s rent in advance. (For Example. Rent £1000.00 per calendar month paid in advance. Tenancy Deposit £1500.00. (six weeks rent) full amount payable at start of tenancy £2500.00.)