Lot 78 Mixed-Use Town Centre InvestmentAuction Date:
1st November 2023
23 Priory Street & 24 Cornwallis Terrace, Hastings, East Sussex, TN34 1EB
Currently let at £41,090 per annum
Estimated rental value £44,150 per annum
A fantastic opportunity to acquire this detached freehold investment comprising ground floor commercial premises with three, two-bedroom flats above. Situated on the corner of Priory Street and Cornwallis Terrace, the property is conveniently located within Hastings town centre offering easy access to a wide variety of local shops, amenities and Hastings mainline railway station.
Both the commercial and residential elements are accessed via separate entrances, one from Cornwallis Terrace and the other from Priory Street. The property is also being sold with the benefit of off-road parking for eight cars.
Ideal for immediate investment it is also considered the property may hold future redevelopment potential for either extension or complete re-development of the site, subject to all necessary consents being obtainable. We have been informed that a rental increase for flats 1 & 3 could be implemented from December 2023 to potentially match that of flat 2.
Pre-Application Enquiry
The current owner has drawn up plans and submitted a Pre-Application Enquiry for the redevelopment of the site into a block of twenty-five flats.
A copy of the Pre-Application Enquiry and drawings will be available to view within the legal documentation.
Local Planning Authority
Hastings Borough Council. Tel: 01424 541090. Website: hastings.gov.uk.
Ground Floor
Commercial
Entrance into inner hallway, reception/social room, store cupboard, four office rooms, dining room, kitchen, meeting room, store room, laundry room and W.C.s.
Outside
Courtyard and parking for three cars.
Tenancy
Let to Directions (Hastings & Rother) for the term of 10 years ending on and including 5th December 2027 at a current rental of £12,750 per annum.
First Floor
Flat 1
Entrance hall, living room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £695 per calendar month.
Council Tax Band A
Flat 2
Entrance hall, living room with open plan kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £775 per calendar month.
Council Tax Band A
Flat 3
Entrance hall, living room with open plan kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
Council Tax Band A
Parking Spaces 6 & 7
Let to Kinzett & Bowler who are holding over under the terms of the rental agreement dated 1st June 2016 at a current rental of £175 per quarter.
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
