020 8904 5040

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Blue Chip tenant

Freehold

High street location

Tenant in occupation prior to 1992

Return/high street frontage

Tenant willing to stay for a further 10 year term subject to conditions negotiated under the new heads of terms

Potential to increase rent in October 2019

Previous rent review in 2007 at £72,500, potential to increase rent in October 2019 at open market value

Ground, first, second floors and attic space.

Potential to redevelop upper floors to residential accommodation subject to planning.

Multiple storey building currently let to a major British bank on a secure lease. Producing £72,500 per annum in rent. Freehold for sale.

Fantastic opportunity to invest in a freehold site and receive generous income.

Location: The property is in Hastings, a town on England's Southeast Coast 53 miles South East of London. The resort town of Hastings has a resident population in excess of 80,000 which increases in the summer months with the seasonal influx of tourists. The town is located on the East Sussex coast, 15 miles east of Eastbourne and 27 miles south of Tunbridge Wells.


Tenure: Freehold.

Accommodation: The property is located on Queens Road in Hastings town centre, comprising of a corner position fronting the main high road. The building has a ground, first and second floor plus attic room which is used as storage. The upper two floors may be suitable for residential conversion subject to planning.

Measurements:

Ground Floor main hallway/customer area: 69.3 m²
Ground floor secondary area/ tills: 65.9 m²
Ground floor staff offices/customer meeting rooms: 12.79 m²
Lifts: 4 m²
First floor office room 1: 16.6 m²
First floor office room 2: 94.6 m²
First floor staff toilets: 2 m²
First floor lifts: 4 m²
First floor internal storage: 5.3 m²
Second floor lifts: 4 m²
Second floor internal storage: 18.1 m²
Second floor office: 32.3 m²
Second floor staff room: 29.6 m²
Second floor staff toilet 1: 10m²
Second floor staff toilet 2: 12m²
Second floor internal storage: 6.6m²
Second floor internal storage 2: 9.7m²
Third floor storage: 53m²
Third floor internal storage 2: 18.7m²
Third floor plant room 1: 15.6m²
Third floor plant room 2: 14.6m²
Third floor plant room 3: 6.1m²

Terms: We have been instructed by the vendor to dispose of the freehold. The current tenant (Halifax PLC) is on a FRI lease from 07/10/1994 for a term of 25 years with rent reviews taking place every 5 years. The tenant has confirmed their intention to remain at the premises on a reversionary lease for 10 years, with an open market upward only rent review in October 2019 and October 2024, and a tenant only unconditional break option in 2024 with 6 months prior notice.
The nearby comparable evidence suggests the rental income can be substantially increased.

Price: £1,400,000

Rates: Interested parties should make enquiries with the local authority.

VAT: All prices quoted are exclusive of VAT.

EPC: To be confirmed.

Viewing: Strictly by prior appointment with Glenmore.

These particulars are prepared for the guidance of prospective purchasers. They are intended to give a fair and overall description of the property and do not constitute the whole or any part of an offer or contract. Any information contained herein (whether in text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. Any plans provided by the agents and/or with the sales particulars are intended for guidance purposes only; we cannot guarantee the accuracy and scale of any plans, and they do not form any part of the sales contract.

Money laundering regulations: To comply with money laundering regulations, prospective purchasers will be asked to produce identification documentation at the time of making an offer. We ask for your cooperation in order that there is no delay in agreeing the sale.


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Floor Plan 1 Floor Plan 2

IMPORTANT NOTICE

Descriptions of the property are subjective and are used in good faith as an opinion and NOT as a statement of fact. Please make further specific enquires to ensure that our descriptions are likely to match any expectations you may have of the property. We have not tested any services, systems or appliances at this property. We strongly recommend that all the information we provide be verified by you on inspection, and by your Surveyor and Conveyancer.