Lot 32

FREEHOLD SHOPPING ARCADE INVESTMENT

Queen's Arcade, Queens Avenue, Hastings, East Sussex, TN34 1PA
Queen's Arcade, Queens Avenue, Hastings, East Sussex, TN34 1PA
Sold £461,000

Estimated rental £65,000 per annum

A rare opportunity to acquire this town centre shopping arcade comprising a mix of single and double units. Known as Queens Arcade the individual units are accessed via glass covered walkway from both Queens Road and York Gardens.

Let to provide a good income, Queen's Arcade offers an eclectic array of retailers including a confectioner, butcher, fishmonger and hairdresser. With one vacant unit the arcade is considered ideal for continued investment.

Queen's Road is located at the heart of Hastings town centre offering easy access to Hastings seafront, mainline railway station and Priory Meadows shopping centre.

Unit 1

Lease Term

12 years from 25th March 1989.

Current Rental

£1,700 per annum.

2 Queens Avenue/7 Queens Road

Lease Term

Held on a lease from 6th November 2008 to 31st August 2017

Current Rental

One peppercorn

Assembly Room/ Dance Studio

The status of the current occupancy is subject to clarification.

Unit 4

Lease Term

20 years from 29th September 1993

Current Rental

£4,500 per annum.

Unit 6 & 8

Lease Term

7 years from 24th July 2008

Current Rental

£10,000 per annum

Unit 7

Lease Term

3 years from 5th February 2006

Current Rental

£6,800 per annum

Unit 9 & 11

Lease Term

12 years from 12th August 2019

Current Rental

£8,000 per annum

Unit 10

Lease Term

21 years from 24th June 1978

Current Rental

£3,300 per annum

Unit 12

Lease Term

3 years from 9th March 2020

Current Rental

£6,500 per annum

Unit 13

Lease Term

14 years from 9th November 1998

Current Rental

£6,000 per annum

Unit 14 & 16

Lease Term

Vacant.

Total estimated rental £65,000 per annum

Auctioneer’s note

The above lease terms and rental figures could not be verified prior to publication and may be subject to change. Further information is available to download from the Clive Emson website. Interested applicants are advised to make their own enquiries.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/