A former pub on the outskirts of Hastings, which has planning permission for 12 flats, was sold at auction last week after a bidding war.
The former Kings Head pub, on Rye Road, went under the auctioneer’s gavel on Wednesday, February 6 for £410,000 freehold – more than £100,000 over the guide price.
It was among 116 lots in the auction held by independent regional land and property auctioneer Clive Emson Land and Property Auctioneers.
Senior auction valuer Emma Attrell said: “We had an excellent auction on this property, helped no doubt by the existence of planning consent for 12 flats.
“We anticipated strong interest, particularly from developers, and this certainly proved to be the case.”
Sitting on a plot of 0.41 acres (0.17 hectares), the pub was offered with planning permission for a block of 12 self-contained flats – 10 two-bedroom flats and two three-bedroom flats, each with a parking space.
Other properties to be sold at the auction last week included a well-proportioned freehold semi-detached house at 14 Prospect Place, Hastings, which had been in the same ownership for a number of years. It is now in need of some improvement, and was sold for £165,000.
Emma added: “Our bidders recognised the potential in a house considered ideal for owner-occupation, investment or re-sale once refurbishment works have been completed.”
A one-bedroom flat in a sought-after Hastings Old Town location, which was offered jointly with Just Property, went for £60,000 leasehold.
Situated in a converted building with easy access to shops, the seafront and town centre, Flat 3 at 33 High Street was considered ideal for owner-occupation or letting once improvement works had been carried out.
A bidding war led to a four-storey St Leonards block comprising a garden flat, a first floor flat and a two-bedroom maisonette selling for £183,000 freehold with part-vacant possession.
With two of the flats currently vacant and one being sold off on a long lease, the property has an estimated rental value of £11,700 per annum. Situated at 29 Southwater Road the building is in a mostly residential area with easy access to the seafront, transport and amenities.
A two-bedroom ground floor flat in a purpose-built block at 35 Combermere Road, St Leonards was sold for £120,000 leasehold with vacant possession.
Offered jointly with ASM Residential, the flat had been considered suitable for investment or owner-occupation.