The Premises comprise a mid terraced retail premises trading as a children’s soft play with 3 upper floors offering two self contained flats let on Assured Shorthold Tenancies. The building will be fully let and income producing. The shop is held on Law Society lease with repair liabilities. The flats are accessed direct from Kings Road with communal hallway and stairs leading to flat One comprising a two bedroom flat and flat two offering a 3 bedroom maisonette. Amenities include, gas fired heating, modern kitchens and bathrooms.
Offers are invited in the region of £395,000 for the freehold interest, with the benefit of the income as detailed. This reflects a blended yield of 8.77% after purchaser costs at 3.75% with reversion yield of 9.59%.
| Address | Tenant | Lease Details | Rent (PA EXCL) |
| Shop | J J Harris | Law Society Lease expires 31/10/2028 | £13,500 |
| Flat 1 | Under offer | References being taken & deposit held | £12,000 |
| Flat 2 | Array Laurence | Assured Shorthold Tenancy from 24th June 2022 | £10,200 (ERV £13,800) |
| Total Rental Income |
£35,700 pa |
Multi-Let Residential / Commercial Investment – Fully Income Producing in Busy Town Centre Location - Reflecting a Blended Yield of 8.77% after Purchaser Costs at 3.75%
The premises are situated in the much improved and sought after Kings Road within a few yards of the St Warrior Square main line train station and the seafront is 300 yards to the south. St Leonards is on the eastern side of Hastings and has become a trendy location for Londoners, artists etc. Adjoining and nearby occupiers include SPAR, COOP, Jempsons Bakery, Corals and Nationwide Building Society.
Shop and premises Rateable Value £9,100.
Flat 1 Council Tax Band A
Flat 2 Council Tax Band B
Each party is to be responsible for their own legal fees.
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