Commercial property
For Sale
Long Let Department Store, Debenhams, 1-3 Robertson Street, Hastings

Property > Commercial > Property For Sale in Hastings
  • Located in the heart of Hastings within the pedestrianised retail pitch
  • Site of 0.53 acres
  • Well configured store trading over five floors, with a total area of 96,089 sq ft
  • Freehold
  • Let to the 5A1 covenant Debenhams Retail Plc until 2034 - unexpired term of approximately 16.5 years
  • Current rent of £636,662.55 per annum (£6.62 psf overall)
  • Rent reviews every 5 years equivalent to 2.5% pa compounded or open market value, whichever is the higher - next rent review in June 2019, providing a minimum uplift to £720,325.58 pa
  • Significant asset management opportunities on a break up including potential reconfiguration, more massing, sub division, or change of use to residential / PRS / student / hotel accommodation, subject to planning
  • Hastings could see the new arrival of the HS1 rail extension
  • Offers are sought in the region of £9,950,000 (Nine Million, Nine Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. Reflects a capital value rate of £103.54 per sq ft
  • This reflects the following minimum yield profile, net of standard purchaser's costs:

Net Initial Yield 6.00%

June 2019 - 6.79%

June 2024 - 7.68%

June 2029 - 8.69%

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