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Lot 20

Freehold Investment – Shop, Basement, Coffee Lounge & Flat – Gross Yield 9.8%
In the same family ownership for over 25 years
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

An attractive mid terraced period building comprising a Ground Floor Shop with Basement Storage plus internal access to a Coffee Lounge at first floor level and a large Self-Contained Flat on the second and third floors.
There is a rear service road via Robertson Passage allowing vehicular access for unloading plus a dumb waiter running from the basement to the first floor Coffee Lounge.

ACCOMMODATION

Ground Floor Shop
Gross Frontage	20'1"
Internal Width	18'8"
Shop Depth	35'3"
Built Depth	48'10"
Sales Area	Approx. 655 sq ft
Basement
Storage, Kitchen/Prep Area	Approx. 900 sq ft
WC
First Floor Coffee Lounge (seats 35)
Area	Approx. 815 sq ft
WC
Second & Third Floor Flat
3 Bedrooms, Living Room, Open Plan Kitchen/Dining Room, Shower Room/WC
GIA	Approx. 1,290 sq ft

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to K. Burden & S. White as a Café/Gift Shop for a term of 20 years from 5th January 2015 at a current rent of £21,500 per annum exclusive rising to £22,500 p.a. on 5th January 2026 and £23,500 p.a. on 5th January 2027.

Rent Review 2030

Note 1: The lessees live in the flat and have maintained it to a high standard.

Note 2: The lessees have been in occupation of the property for approx. 30 years.

*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.

23 Robertson Street, Hastings, East Sussex TN34 1HL