Sold for £66,000

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Freehold ground rent investment secured against 22 apartments in an attractive Grade II listed canal side development occupying a site of 0.44 acres.

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Description/Location

The apartments are situated within the converted mill building complimented by a car park and grounds. Held on leases of 150 years from 1999 and 2000, each apartment pays a ground rent of £150 pa to 2047 increasing to £200 pa to 2098 and then £300 pa to the end of the term, the current collective annual ground rent is £3300. The landlord insures and recovers from lessees, the current premium is £10,500 pa, the lessees manage via their own management company. The total current rent reserved is £3,665 pa rising including £365 pa derived from a mooring and a piece of land leased to one of the tenants.

External viewing only

Tenure

Freehold

Office Contact

Network Auctions - 020 7871 0420

Rent

Current Rent Reserved; £3,665 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.