Industrial development for sale
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%
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
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