Sold

Hastings – Freehold Department Store Investment Opportunity

Debenhams, Robertson Street, Hastings, East Sussex, TN34 1HN

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold

Income

£415,000 pa

Description

  • Landmark Department Store totalling 96,089 sq ft over 5 floors.
  • Prominently located on the primary pedestrianized retailing pitch in Hastings.
  • Double frontage with part of the store overlooking Hastings Beach.
  • Let on a FRI lease to Debenhams Retail Plc with 14.5 years unexpired.
  • Recently revised rent of £415,000 pa (previously £720,325 pa).
  • Site area of 0.53 acres.
  • Freehold.
  • Numerous asset management opportunities including renegotiating the tenancy with Debenhams or repositioning the asset through change of use.
  • We are instructed to seek offers in excess of £2,750,000 subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 14.16% after allowing for standard purchaser’s costs. This equates to a low capital value of £28 psf.