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    Key features

    • Freehold mixed-use investment comprising a ground floor convenience store & two self-contained two-bedroom flats
    • Total building approx. 5,221 sq ft (Commercial unit 4,015 sq ft & flats 1,206 sq ft)
    • Entire property let on one overriding lease to the very strong covenant of A.F. Blakemore & Son Ltd at £48,500 p.a.
    • Lease expires 24 March 2028
    • Outstanding rent review from 25 March 2026
    • Ground floor store currently underlet at £37,000 p.a., excluding the two flats above
    • Asset management potential from March 2028 to let the commercial unit & two flats separately and increase the passing rent
    • Potential ERV of £62,200 p.a. from the shop and flats when let separately*
    • Potential to sell the flats or commercial unit separately
    • VAT-free investment
    • Investment let at £48,500 p.a. (11.02% GIY on guide price)

    Description

    A freehold mixed-use investment providing approximately 5,221 sq ft of accommodation, arranged as a 4,015 sq ft convenience store with 2 x 603 sq ft two-bedroom flats above. Let as a whole to A.F. Blakemore & Son Ltd at £48,500 per annum until March 2028, the property benefits from an outstanding March 2026 rent review and offers attractive asset management potential through the separate letting or disposal of the commercial and residential elements separately.

    A.F. Blakemore & Son Ltd is an established SPAR wholesaler and retailer with group revenue of approximately £1.09 billion.

    Additional information

    Tenure

    Freehold

    Accommodation

    Commercial unit an approx. 4,015 sq ft

    Flat 7a an approx. 603 sq ft – 2 bedrooms

    Flat 7b an approx. 603 sq ft – 2 bedrooms

    Total: 5,221 sq ft

    Tenancy

    7, 7a & 7b Sedlescombe Road North

    • Let to A.F. Blakemore & Son Ltd
    • Entire property let on an overriding lease from 25 March 1965
    • Lease includes the commercial unit and two self-contained two-bedroom flats (7a & 7b)
    • Commercial lease on FRI terms
    • Lease expires 24 March 2028
    • Outstanding rent review from 25 March 2026
    • Ground floor store underlet at £37,000 p.a., expiring 22 March 2028
    • Store underlease is outside the Landlord and Tenant Act 1954
    • Flats 7a & 7b are not included in the store underlease and remain within the overriding A.F. Blakemore & Son Ltd lease
    • As a pre-1996 lease, former tenants remain liable for the rent
    • Investment let at £48,500 p.a.

    Rent

    £48,500 p.a.

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.

    *The Estimated Rental Value (ERV) is not guaranteed as being achievable any incoming purchaser must carry out there own due diligence

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      Local information

      Situated on Sedlescombe Road North, St Leonards-on-Sea, within an established residential and commercial area close to local shops, amenities and transport links, with easy access to Hastings and the A21.

      Transport

      Good road communications are available via the A21, with St Leonards Warrior Square railway station approximately 1 mile away, providing regular rail services to London and across the South East.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •Some properties might be open to offers prior to auction. Exchange will take place, subject to contract and no higher offers, on auction terms and as per the legal pack. Please contact the auctioneer with your best and final offer, their details can be found on each lot page.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums