Licenced property specialists, Sidney Phillips, are proud to announce the sale of a substantial investment property situated in Westgate-on-Sea, Kent.
The property, situated on Sea Road, enjoys uninterrupted and unrivalled views across Westgate Bay and the opening to the Thames Estuary.
The property comprises of a substantial detached 3-storey property, housing a ground floor pub and first floor flat, held on a 20 year commercial lease, as well as eight two bedroom flats with sea views, held on AST agreements. A rental yield of 8.34% is produced.
Robert Cockayne, Regional Valuations Manager for the London & South East handled the sale and comments, “Sidney Phillips has seen a dramatic increase in the demand for investment properties over the last 12 months, and the sale of this property demonstrates that despite the various challenges stacked against it, the South East market continues to show its resilience to problems caused by political and economic uncertainty.”
Sidney Phillips sold the property off a freehold asking price of £1,600,000.