Lot 176 - Substantial Freehold Investment - To Be Offered For Sale By Public Auction Thursday 3rd October 2024
The Queens Apartments, Robertson Terrace, East Sussex, TN34 1JN
Guide Price: *
£750,000
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:
£600,000Bid history
1 bidZ
03/10/2024 11:14:41 - £600,000
Currently let at £135,252 per annum
Situated in an unrivalled position on Hastings seafront offering extensive views along the coast, this property is within easy reach of the town centre with its various local and national retailers, the mainline railway station and various schools and amenities.
The property is arranged as eight commercial units and 44 residential flats which have all been sold on long leases.
Unit 1A
Let on a Tenancy at Will from 6th December 2021 at a current rental of £15,000 per annum.
Unit 1B
Let on a six-year lease from 19th April 2023 at a current rental of £9,000 per annum.
Unit 1C
Let on a Tenancy at Will from 2nd November 2021 at a current rental of £23,000 per annum.
Unit 1D
Let on a three-year lease from 4th August 2015 at a current rental of £6,500 per annum.
Unit 2
Let on a one-year lease from 1st May 2024 at a current rental of £35,000 per annum.
Units 3 & 3A
Let on a one-year lease from 1st May 2024 at a current rental of £15,000 per annum.
Unit 4
Let on a 25-year lease from 12th September 2005 at a current rental of £20,000 per annum.
Unit 5 (3 Harold Place)
Let on a 150-year lease from 1st January 2003 at a current rental of £750 per annum.
Electricity Sub-Station
Let on a 125-year lease from 13th April 2004 at a current rental of £1.00 per annum.
44 Flats
Tenure
Each residential flat has been sold on a 150-year lease from 1st January 2003 at a current ground rental of £250 per annum, doubling every 25 years.
Auctioneer's Note 1
At the time of publication the Auctioneers have been unable to internally inspect the property.
Auctioneer's Note 2
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
Joint Auctioneer
Dyer & Hobbis Ltd, 43a Havelock Road, HASTINGS, East Sussex, TN34 1BE, 01424 423626
Summary
- Lot number
- 176
- Auction end
- 3rd Oct at 11:23
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- Council tax band
- Ask Agent
Summary
- Lot number
- 176
- Auction end
- 3rd Oct at 11:23
- Property type
- Other
- Tenure
- Ask Agent
- Bedrooms
- 0
- Bathrooms
- 0
- 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.