A saleroom bidding war led to a substantial commercial premises in Hastings Old Town selling for £700,000 at auction this week.
Roebuck House, on the High Street, was among 171 lots in the auction staged by regional land and property auctioneer Clive Emson Auctioneers.
Offered jointly with Dyer & Hobbis, it went under the auctioneer’s gavel at Clive Emson’s Sussex and Surrey regional sale in Brighton on Wednesday, July 25.
Director and senior auction valuer Sam Kinloch said: “We anticipated strong interest in this landmark corner property, but nothing like this!
“A bidding war in the auction room drove the freehold price up to £700,000, which was £300,000 above the guide price for the premises.
“Bidders recognised the future potential in the building currently used as a doctor’s surgery and a separate pharmacy and let for a total of £78,000 per annum.
“We considered that the property holds future development potential for conversion into multiple residential units or mixed use accommodation subject to all necessary consents being obtainable.”
Roebuck House, arranged over three floors, operates as Hastings Old Town Doctor’s Surgery providing GP services for the surrounding area, with the current occupants relocating at the end of the year once their new surgery has been finished.
Included in the sale, and in addition to the freehold surgery premises, was a further attached leasehold building fronting the High Street. The property is currently let to Lloyds Pharmacy on a 15-year lease.