Lot 11 - FREEHOLD INVESTMENT OPPORTUNITY

Sold £105,000

Currently let at £12,160 per annum

Situated close to Hastings seafront and with good access to Hastings town centre is this substantial six storey freehold property comprising a commercial premises occupying the ground floor and lower ground floor and four self-contained flats on the upper parts which have all been sold on leases.

The freeholder is responsible for the management of the building, recovering the costs from the leaseholders by way of a service charge.

Residential

Flat 1 has been sold on a 99-year lease, from 12th December 2017, at a ground rent of £250 per annum; Flat 2 sold on a 99-year lease, from 29th October 2018, at a ground rent of £250 per annum; Flat 3 sold on a 99- year lease, from 11 October 2018, at £250 per annum; Flat 4 sold on a 99-year lease, from and including 27th July 2017, at £250 per annum.

Auctioneers Note

Section 5(B) Notices under the Landlord and Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under this legislation.

Commercial

Ground Floor

Front retail space, kitchenette, boiler room (servicing the block), rear retail area.

Lower Ground Floor

Five store rooms and two W.C.s.

Tenancy

Remainder of a 10-year lease from and including the 17th October 2016 at a current rental of £930 per calendar month.

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/

FREEHOLD INVESTMENT OPPORTUNITY