private treaty - sale status
SOLD 2025
type
Freehold Ground Rent Investment For Sale – producing £5,950 pa (rising)
description
Leases
All Lease terms 125 years from 02 December 2015.
There is an electricity sub-station on a lease of 99 years from 2015 – peppercorn rent.
Rent Review
The rent reviews are every 5 years to RPI (next review December 2025) but the 2020 rent review was missed. We calculate the rent should have risen to a total of £6,700 per annum. However, the rent is again due for review in just over a year (December 2025) and at today’s RPI, that would give an increase to £8,901 although the actual figure will depend on the RPI figure at the review date which may give more or less than this estimation. Interested parties to satisfy themselves on these points.
Rents
Rents total £5,950 per annum – all flats £250 pa from 2015 save 1 flat which was £200 pa – but with an outstanding review.
Management
The Leases are tri-partite and a Management company (owned by the leaseholders) manage the building.
Notes
A Fire Risk Assessment external walls is required. The cost is circa £15,000 and the lessees are refusing to cover the costs. The Freeholders will make an allowance on this cost in the agreed price.
24 flats – 6 x 1 bed and 18 x 2 bed flats
Offers invited subject to Section 5’s.
