Landmark Portland building offers development opportunity for those who look up!

Auctions offer a huge variety of properties for sale and 1-17 Espionage Place in Portland, Dorset – a landmark building previously owned by the Admiralty and associated with the Portland Spy Ring Case is no exception, for the opportunity, the auctioneer believes, is in the air – literally!

Toby Limbrick, Director of Network Auctions, said, ‘With the change in planning guidance there are increased opportunities for developers up in the air, this isn’t just about the land, but the air above the land. This freehold block of flats enjoys direct views across to Portland Bill and the sea and we believe there is potential to construct additional floors, subject to planning.’

The two-storey building, arranged as 17 flats, currently produces a ground rent income of £3,400 per annum (rising). It has a guide price of £65-70,000. Each flat is held on a lease of 125 years from 29/9/2017 and the initial ground rent is £200 per annum per flat, with RPI reviews every 10 years throughout the term.

The freehold also includes land and parking spaces.

1-17 Espionage Place, West Way, Portland, Dorset DT5 2NA will be sold in Network Auctions online auction on 28 April 2022. For more information www.networkauctions.co.uk