Freehold Retail Investment with future development potential (1)
Let to TUI UK Retail Limited
New 5 year lease (2)
Prominent town centre location in popular coastal town
Future development potential (1)
Nearby occupiers include WHSmith, Pizza Express, Vodafone, Greggs and Marks & Spencer
VAT-free investment
Lot 32
Auction 14th February 2019
Rent £27,700 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of Trustees
Property Information
Location
Miles
28 miles south-east of Royal Tunbridge Wells, 51 miles south-west of Dover, 70 miles south-east of central London
Roads
A259, A21, A27
Rail
Hastings Train Station
Air
London Gatwick Airport
Situation
Hastings is a historic town and popular holiday destination in East Sussex. The town is situated directly outside the High Weald Area of Natural Beauty some 28 miles southeast of Royal Tunbridge Wells, 51 miles south-west of Dover and 70 miles south-west of Central London. The property occupies a prominent position on the east side of the busy Queens Road (A2101), next to a number of bus stops and directly opposite the Priory Meadow Shopping Centre, which includes occupiers such as WHSmith, Pizza Express, Vodafone, JD Sports, EE, O2, Marks & Spencer and Superdrug. Other occupiers nearby include Greggs, Betfred, ODEON, Specsavers and Holland & Barrett.
Tenure
Freehold.
Location
Miles
28 miles south-east of Royal Tunbridge Wells, 51 miles south-west of Dover, 70 miles south-east of central London
Roads
A259, A21, A27
Rail
Hastings Train Station
Air
London Gatwick Airport
Situation
Hastings is a historic town and popular holiday destination in East Sussex. The town is situated directly outside the High Weald Area of Natural Beauty some 28 miles southeast of Royal Tunbridge Wells, 51 miles south-west of Dover and 70 miles south-west of Central London. The property occupies a prominent position on the east side of the busy Queens Road (A2101), next to a number of bus stops and directly opposite the Priory Meadow Shopping Centre, which includes occupiers such as WHSmith, Pizza Express, Vodafone, JD Sports, EE, O2, Marks & Spencer and Superdrug. Other occupiers nearby include Greggs, Betfred, ODEON, Specsavers and Holland & Barrett.
Tenure
Freehold.
Description
The property comprises a ground floor shop with first floor ancillary accommodation. The second and third floors comprise three rooms, a kitchen and a bathroom and, along with the basement, is not currently used. The rear of the property is accessed via Russell Street.
VAT
VAT is not applicable to this lot.
Planning
(1) The upper floors of the property may benefit from conversion to a 3 bed and 1 bed flat, subject to the current occupation and all the necessary consents/permissions. Interested parties are referred to Hastings Borough Council (www.hastings.gov.uk).
EPC
Band E. See legal pack at acuitus.co.uk
Description
The property comprises a ground floor shop with first floor ancillary accommodation. The second and third floors comprise three rooms, a kitchen and a bathroom and, along with the basement, is not currently used. The rear of the property is accessed via Russell Street.
VAT
VAT is not applicable to this lot.
Planning
(1) The upper floors of the property may benefit from conversion to a 3 bed and 1 bed flat, subject to the current occupation and all the necessary consents/permissions. Interested parties are referred to Hastings Borough Council (www.hastings.gov.uk).
EPC
Band E. See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground Basement First, Second & Third
Retail/Ancillary Ancillary 3 rooms, kitchen and bathroom
98.00 sq m 25.00 sq m 62.00 sq m
(1,055 sq ft) (269 sq ft) (667 sq ft)
TUI UK RETAIL LIMITED t/a TUI (3)
5 years from 08/11/2018 on a full repairing and insuring lease (2)
£27,700
07/11/2023 (2)
Total
185.00 sq m
(1,991 sq ft)
£27,700
(2) There is a tenant only option to determine the lease at the end of the 3rd year, giving no less than 6 months’ written notice. (3) For the year ended 30th September 2017, TUI UK Retail Limited reported a turnover of £201,000,000, pre-tax profits of £1,000,000 and a total net worth of £191,000,000 (Source: Experian 07/01/2019). TUI employs 12,500 people and operates in over 600 travel agencies across the UK and Ireland (Source: www.tui.co.uk/destinations/info/about-us).
