Former University Building Under Hammer
The six-storey University of Brighton building at Priory Square was due to be auctioned on Wednesday this week by London agent Allsop. The building consists of the former main Hastings post office, built in the 1930s with its façade fronting Cambridge Road, which was extended outwards and upwards in 2013 to overlook Priory Square. The development, managed by regeneration company Sea Change Sussex, took a substantial proportion of the sum of £12m public funds invested in the Hastings campus of the University
Change of Use
There is now planning permission for change of use to 41 residential flats, plus some commercial space on the lower ground and raised ground floors which previously accommodated a 160-seat auditorium and and Laboratory space. Ocean House in St Leonards recently changed from offices to flats.
The post office closed in March 2014; the decision of the University to close the campus was revealed in March 2016 and took effect in 2019. The building was marketed for sale in 2020 at a guide price of £3million, but attracted no buyer. The guide price at this week’s auction is £2.2m.
HBC Auction Results
The auction on 16 September by agents Clive Emson of two freehold properties owned by Hastings Borough Council (see HBC Auction Bargains in HIP 259) brought mixed results.
The residential property at 22 Wellington Square attracted competitive bids and was sold eventually for £536,000, which was £126,000 above the guide price. That still represented an overall capital loss to the council but, given its intermediary use as temporary accommodation for homeless families, may be regarded as having been a profitable short term investment.
An argument along those lines was indeed put forward at the full council meeting last week by Cllr Andy Batsford, former lead member for housing in Cllr Peter Chowney’s Labour cabinet. Cllr Glenn Haffenden, current housing and community wellbeing lead in Cllr Julia Hilton’s cabinet, accepted it to an extent but pointed out that a better selected investment property might have been more profitable.
The mixed commercial and residential property 57 York Buildings did not sell, however, with the highest bid of £942,000 falling £8,000 short of the guide price.
We hope you have enjoyed reading this article. The future of our volunteer led, non-profit publication would be far more secure with the aid of a small donation. You can also support local journalism by becoming a friend of HIP. It only takes a minute and we would be very grateful.
Leave a Reply