6 Week completion
Located close to the junction with Albert Road, directly on the seafront and just a few hundred yards from the town's pedestrianised retail thoroughfare (Wellington Place) which houses a variety of multiple retailers including Costa, McDonald's, Millets, Lloyds Bank and Sports Direct. The Priory Meadow Shopping Centre and Hastings Railway Station are within close proximity.
Hastings is a popular south-coast seaside resort lying on the A259 and A21 some 14 miles north-east of Eastbourne and 32 miles east of Brighton.
PROPERTY & ACCOMMODATION
Flat 4 - Vacant 3 Bed Self-Contained Maisonette (GIA Approx. 820 sq ft) planned on first and second floors accessed via an enclosed communal courtyard comprising:
Living Room with Juliette Balcony
Flat 4 benefits from double glazing, electric heating and boasts some of the best views in the town of the seafront promenade, the beach, the sea and angled views towards Hastings Pier.
Flats 2-3, 5-9 & 12 (8 Flats) - see ‘Note 1'
VAT is NOT applicable to this Lot
Flat 4 - A sublease for a term of 189 years from 25th December 1960 at a peppercorn ground rent (thus having approx. 132 years unexpired) to be offered with VACANT POSSESSION
Note 1: The Head Lease of Flats 2-9 & 12 (9 Flats), which is held for a term of 96 years (less 2 days) from 25th December 1963 at a fixed ground rent of £93.32 p.a. (thus having approx. 42 year unexpired) will be included with this Lot.
This Head Lease is subject to the sublease of Flat 4 and the following 7 subleases:
Flats 2-3, 5-7 & 12 (6 Flats) are sublet to various individuals each for a term of 99 years (less 3 days) from 25th December 1960 and Flats 8 & 9 (2 Flats) are sublet for a term commencing 12th March 2010 and expiring on 22nd December 2149 (thus each having approx. 42 years unexpired). The combined ground rent for the 7 subleases is £190 p.a. therefore, the Purchaser will benefit from a current profit rent of £96.68 p.a.
Note 2: There is an offer from a respectable tenant with excellent references to take an AST on Flat 4 after completion for at least one year at £9,900 p.a. (£825 pcm).
Note 3: In accordance with Section 5B of the Landlord & Tenant Act 1987, Notices have been served on the lessees and they have not reserved their rights of first refusal. This lot cannot be sold prior to the auction.