The buildings in George Street, Hastings Old Town, attracted interest from property developers across the country. They were initially put on the market in October last year with a guide price of £750,000. This was then reduced to a guide price of £500,000, and now an offer has been accepted by the owners.
Architects have drawn up redevelopment plans for 20 new flats on the site - 14 one-bed flats and six two-bed flats. Several of the apartments would have sea views. It would involve demolishing the arcade and replacing it with a new building with two extra storeys.
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But the buyer would have to get permission from Hastings Borough Council to convert the building from commercial to residential use - and would run the risk that the proposed new flats would be turned down. The buyer might equally decide to keep the premises as an amusement arcade, or convert them into a new business.
Selling agents Vail Williams said they could not say anything about the sale at this stage, so it is not known if the accepted offer is from someone keen to turn the buildings into flats or keep them as commercial premises.
The site currently comprises of an amusement arcade in an early 20th century building at 39-40 George Street, and a 19th century, Grade II-listed building at 41 George Street. Under the residential redevelopment plans - drawn up by Twelve Architects & Masterplanners - the listed building would be retained and refurbished.
The buildings, totalling an area of over 14,000 square feet, are mainly two storey. At one stage there was a nightclub on the first floor level.
Last year, when the Observer reported that the buildings had been put up for sale, news of the possible 20 flats was welcomed by some residents - but some cited concerns about whether they would be affordable to local people, parking issues, and whether the design would be in keeping with the Hastings Old Town Conservation Area.
Sandra Andrews, one of the many who commented on the Hastings Observer’s Facebook page, said: “Love it. The long windows echo the length and the rhythm of Victorian windows in the area.” Vicky Payne said: “New affordable flats. Great idea. But no parking spaces, and we know they wouldn’t be affordable flats for local people.” Some others said the building should be turned into a nightclub again, or converted into a hotel.