Square foot size
One Priory Square, Hastings
One Priory Square, Priory Street, Hastings, TN34 1EA
- Priory Square offers a rare opportunity to acquire a landmark office building in the centre of Hastings with immediate asset management potential.
- Located in the centre of Hastings in the Priory Quarter. The railway station is a short walk to the north-east and the beach is a 5 minute walk to the south. Hastings has excellent connections with the A21 linking the town to the M25 and London. The retail area is circa 100m to the south.
- Priory Square occupies a prominent position on Priory Street (A21) and is one of the most prestigious commercial buildings within the area. The property extends to 4,191.1 sqm (45,113 sq ft) over basement, ground and six upper floors. The secure basement has 19 dedicated car parking spaces and cycle racks.
- The property is currently multi-let to 3 financially strong tenants including Government Departments.
- The total rent will be £298,899 pa. The estimated rental value is £756,335 pa.
- Potential to drive the rent on and let up the vacant floor space.
- The quoting price is £5,600,000 plus VAT reflecting a low capital rate of £124 per sq ft.
“Price Reduction” – Part let/ part vacant office investment for sale – £5.6m plus VAT
The entrance to the property is through a modern glazed foyer with a revolving door and turnstile which provides security to the guests accessing the property. The double height reception area is modern, with tiled flooring. The ground floor also provides a canteen area which could be converted to office.
The building has 7 floors including the car park. There are three passenger lifts which go to all levels of the building including the basement car park. Each lift capacity is 10 people or 750 KG.
Generally, the offices are open plan with full height double glazed windows, glazed partitioned meeting rooms, a kitchenette which are generally fitted with units and worktops, sink and a fridge. The floor plates are deep and wrap around the central core to provide an almost L shape. The property benefits from air conditioning throughout which we understand is self-contained to each floor. The 5th and 6th floors also have a balcony.
On each floor of the building there is a lobby area with the lifts, male and female cloakrooms and a wet room with disabled facilities. The WC facilities are modern with Airblade driers and tiled finishes.
The basement provides secure gated car parking and bike facilities for 19 spaces allocated to the subject property; the basement extends out beyond the subject property and is shared by the adjacent building known as Lacuna Place, the local Council HQ.
Partner and LLP Member - Head of Investment