Lot 176 Substantial Freehold Investment - To Be Offered Thursday 3rd October 2024Auction Date:
18th September 2024

Situated in an unrivalled position on Hastings seafront offering extensive views along the coast, this property is within easy reach of the town centre with its various local and national retailers, the mainline railway station and various schools and amenities.

The property is arranged as eight commercial units and 44 residential flats which have all been sold on long leases.

Unit 1A

Let on a Tenancy at Will from 6th December 2021 at a current rental of £15,000 per annum.

Unit 1B

Let on a six-year lease from 19th April 2023 at a current rental of £9,000 per annum.

Unit 1C

Let on a Tenancy at Will from 2nd November 2021 at a current rental of £23,000 per annum.

Unit 1D

Let on a three-year lease from 4th August 2015 at a current rental of £6,500 per annum.

Unit 2

Let on a one-year lease from 1st May 2024 at a current rental of £35,000 per annum.

Units 3 & 3A

Let on a one-year lease from 1st May 2024 at a current rental of £15,000 per annum.

Unit 4

Let on a 25-year lease from 12th September 2005 at a current rental of £20,000 per annum.

Unit 5 (3 Harold Place)

Let on a 150-year lease from 1st January 2003 at a current rental of £750 per annum.

Electricity Sub-Station

Let on a 125-year lease from 13th April 2004 at a current rental of £1.00 per annum.

44 Flats

Tenure

Each residential flat has been sold on a 150-year lease from 1st January 2003 at a current ground rental of £250 per annum, doubling every 25 years.

Auctioneer's Note 1

At the time of publication the Auctioneers have been unable to internally inspect the property.

Auctioneer's Note 2

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