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Lot 10 Click here for addendum

6 Week completion

SITUATION

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:

3 Bedrooms
Living Room with Juliette Balcony
Dining Area
Kitchen
Bathroom
Separate WC

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

TENURE

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.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Flat 4 Castle Court (incl. Flats 2–3, 5–9 & 12), Denmark Place, Hastings, East Sussex TN34 3DX