Commercial property
Investment for sale Long Let Department Store, Debenhams, 1-3 Robertson Street, Hastings

Summary

• 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%