Lot 8 Click here for addendum
3 inter-communicating Buildings prod. £45,000 p.a. – Only £35 per sq ft Freehold (Gross Yield 15%)
6 week completion
Situation
Located in the heart of the town centre amongst a host of popular Restaurants, Bars and independent traders, close to the junction with Cambridge Road and the multiple retailers in Queens Road, and only a few minutes' walk from the Seafront.
Hastings is a popular seaside resort enjoying easy access to the A21, situated approximately 13 miles east of Eastbourne and 25 miles west of Folkestone.
Property
3 inter-communicating buildings comprising a Ground Floor Double Retail Unit together with Offices on part Ground, Basement, First, Mezzanine, Second, Third and Fourth Floors.
The property includes 2 passenger lifts, WCs on each floor and there is also rear servicing accessed from Robertson Passage.
Refer to the Auctioneers for the floor plans of the building.
VAT is applicable to this Lot
FREEHOLD
ACCOMMODATION¹
Ground Floor (Office Reception (No. 17) & Double Retail Unit (Nos. 18 & 19))
Gross Frontage 61'4"
Built Depth 51'3"
Area Approx. 2,427 sq ft
Basement
Staff Rooms, Office & Storage Area Approx. 2,295 sq ft
First Floor
Offices & Kitchen Area Approx. 1,547 sq ft
Mezzanine Floor
Office Area Approx. 67 sq ft
Second Floor
Offices & Kitchen Area Approx. 985 sq ft
Third Floor
Offices & Kitchen Area Approx. 753 sq ft
Fourth Floor (Loft Hatch Access)
Storage Area Approx. 438 sq ft
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Total NIA Approx. 8,512 sq ft
¹Not measured by Barnett Ross. Areas supplied by Joint Auctioneers.
Tenancy
The entire property is let on a full repairing and insuring lease (subject to a Schedule of Condition) to Holograph Limited (Tech Company incorporating Website Development & Digital Design) for a term of 6 years from 29th June 2018 at a current rent of £45,000 per annum exclusive.
Note 1: The lessees have informed the Vendor that they will not be renewing their lease in June 2024.
Note 2: There may be potential to redevelop the upper floors for residential use, subject to obtaining possession and the necessary consents.
Note 3: The lessees have sublet the ground floor of Nos. 18 & 19 and the basement of No.19 as a retail unit at £16,000 p.a. and the sub-lessee trades as Aura Que (ethical gifts and crafts).
