Lot 78 - Mixed-use Town Centre Investment
23 Priory Street & 24 Cornwallis Terrace, East Sussex, TN34 1EB
Guide Price: *
£400,000
Fees apply
Buyer's fee:Check legal pack
All fees include VAT at 20%
Holding Deposit: *£5,000
*Only charged if you are the successful buyer and goes towards the purchase price
Auction Type:
Traditional
Sold for:
£427,000Bid history
3 bidsN
02/11/2023 12:59:18 - £427,000
R
02/11/2023 12:58:36 - £426,000
N
02/11/2023 12:51:03 - £425,000
Guide Price* : £400,000 - £425,000
Currently let at £41,090 per annum
Estimated rental value £44,150 per annum
A fantastic opportunity to acquire this detached freehold investment comprising ground floor commercial premises with three, two-bedroom flats above. Situated on the corner of Priory Street and Cornwallis Terrace, the property is conveniently located within Hastings town centre offering easy access to a wide variety of local shops, amenities and Hastings mainline railway station.
Both the commercial and residential elements are accessed via separate entrances, one from Cornwallis Terrace and the other from Priory Street. The property is also being sold with the benefit of off-road parking for eight cars.
Ideal for immediate investment it is also considered the property may hold future redevelopment potential for either extension or complete re-development of the site, subject to all necessary consents being obtainable. We have been informed that a rental increase for flats 1 & 3 could be implemented from December 2023 to potentially match that of flat 2.
Pre-Application Enquiry
The current owner has drawn up plans and submitted a Pre-Application Enquiry for the redevelopment of the site into a block of twenty-five flats.
A copy of the Pre-Application Enquiry and drawings will be available to view within the legal documentation.
Local Planning Authority
Hastings Borough Council. Tel: 01424 541090. Website: hastings.gov.uk.
Ground Floor
Commercial
Entrance into inner hallway, reception/social room, store cupboard, four office rooms, dining room, kitchen, meeting room, store room, laundry room and W.C.s.
Outside
Courtyard and parking for three cars.
Tenancy
Let to Directions (Hastings & Rother) for the term of 10 years ending on and including 5th December 2027 at a current rental of £12,750 per annum.
First Floor
Flat 1
Entrance hall, living room, kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £695 per calendar month.
Council Tax Band A
Flat 2
Entrance hall, living room with open plan kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £775 per calendar month.
Council Tax Band A
Flat 3
Entrance hall, living room with open plan kitchen, two bedrooms and bathroom with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £700 per calendar month.
Council Tax Band A
Parking Spaces 6 & 7
Let to Kinzett & Bowler who are holding over under the terms of the rental agreement dated 1st June 2016 at a current rental of £175 per quarter.
Summary
- Lot number
- 78
- Auction end
- 2nd Nov at 13:04
- Property type
- Residential
- Tenure
- Ask Agent
- Bedrooms
- 6+
- Bathrooms
- 3+
- Council tax band
- Ask Agent
Summary
- Lot number
- 78
- Auction end
- 2nd Nov at 13:04
- Property type
- Residential
- Tenure
- Ask Agent
- Bedrooms
- 6+
- Bathrooms
- 3+
- Council tax band
- Ask Agent
This property is being sold by:
Clive Emson - Sussex & Surrey
01273 504232
83 Bates Road, Brighton, East Sussex, BN1 6PF
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Auctions and Clive Emson Auctioneers shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
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Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Clive Emson Auctioneers. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Auctions or any individual in employment with Bamboo Auctions makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
