No bars, no signal predictedOne bar, reliable signal unlikelyTwo bars, may experience problems with connectivityThree bars, likely to have good coverage and receive a data rate to support basic web servicesFull bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
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£1,100,000
Added > 14 days

Industrial development for sale

290 Battle Road, St. Leonards-on-Sea, TN37 7BA
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Industrial development
0 bed
0 bath
5,192 sq ft / 482 sq m

Property description & features

  • Tenure: Freehold
  • Let to The Southern Co operative Limited
  • 15 year FRI lease from July 2014 granted inside Landlord & Tennant Act 1954
  • Current rent of £87,560 per annum exclusive.
  • Price £1,100,000 exclusive
  • A purchase at this level represents a Net Initial Yield of 7.52% assuming purchasers costs of 5.85%
Description
The property comprises a ground floor retail unit and unused upper parts within the redevelopment of a former public house, The Victoria Inn.

Internally, the ground floor provides an open plan convenience store and back of house area providing storage and office.

The first floor which is currently only accessible via a loft ladder is currently arranged as 8 rooms which include 2 bathrooms and a kitchen. The first floor accommodation is currently not used by the tenant and is in an un-refurbished condition.

Externally there are 11 car parking to the side of the property and a further disabled space and loading area to the front.

Location
The property occupies a prominent location on Battle Road which connects the towns of Hastings and Battle. It is a 0.7 miles from Queensway leading to the A21 north to Tunbridge Wells and London and the A259 south coast trunk road to the south.

Hastings is a vibrant coastal town with a rich heritage, offering a blend of historic landmarks, cultural attractions, and modern amenities. It has a thriving arts scene, with galleries, museums, and theaters, alongside a bustling seafront with a pier and a traditional fishing community.

Viewings
Strictly via sole agents Vail Williams

VAT
The property has been elected for VAT purposes and the sale is intended to be treated as a Transfer of a Going Concern (TOGC).

Covenant
The Southern Co-operative is a regional, independent co-operative operating more than 300 food, funeral and Starbucks coffee branches across the south of England.

The year end 29th January 2023 accounts show a £515,407,000 turnover and Gross Profit of £160,097,000.

Full accounts are available on request.

Tenancy
The entire property is let on an overriding lease to The Southern Co-operative Limited for a term of 15 years from 21st July 2014 and expiring 20th July 2029.

The current passing rent is £87,560 pa and there are no remaining rent reviews.

Tenure
Freehold (Title Number - ESX360474)

AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.

Price
£1,100,000 subject to contract- A purchase at this level represents a Net Initial Yield of 7.52% assuming purchasers costs of 5.85%. The vendor will provide a top up rent to the assumed rent of £87,560 upon the rent review in July 2024 if required.

Property information from this agent

Places of interest

    Where great relationships yield the best property outcomes. Vail Williams is a national property adviser with ten offices based throughout the North, Midlands and South of England.

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    OnTheMarket may have applied supplementary data to this property listing, including:

    Broadband availability and predicted speed

    Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:

    Basic: Up to 30 Mbit/s
    Super-fast: Between 30 Mbit/s and 300 Mbit/s
    Ultra-fast: Over 300 Mbit/s

    The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2

    Mobile phone signal availability and predicted strength

    Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:

    Clear: No bars, no signal predicted
    Red: One bar, reliable signal unlikely
    Amber: Two bars, may experience problems with connectivity
    Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
    Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services

    Energy Performance data and Internal floor area

    Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.

    *Call rate information

    Calls to 0843 numbers will be charged at 4p/min from BT landlines. Calls from other networks may vary, and calls from mobiles and outside the UK will be higher. Calls to local numbers beginning with 01, 02 and 03 numbers will incur standard geographic charges from landlines and mobiles.