AN HISTORIC landmark building in the town centre is up for auction for less than £200,000.
The Observer building in Cambridge Road will be auctioned for a estimated £150,000 on June 13 at The Hilton Brighton Metropole and is being sold by a Law of Property Act (LPA) Receiver, Eddisons.
The dilapidated building used to be the site of the former print works and offices for the Hastings Observer and dates back to 1859.
It ceased to be used by the Observer in 1989 and it fell into disrepair.
Emma Attrell, senior action valuer, said: “It would be a boost to the town to see new life breathed into this landmark building, with historical planning applications providing for conversion of the premises for up to 59 flats.
“Hopefully the building will generate positive headlines with a sale.”
On the market for a fraction of the price is the was a few years ago, the property is subject to a number of historical planning applications, including the conversion of the building into units of between 39 and 59.
Although there is lot of money involved in developing the building, costing in the excess of £5 million, it is believed the low price will attract buyers. Last October a campaign was launched by the White Rock Trust to save the Observer building and rejuvenate the wider White Rock neighbourhood.