Albermarle Road, Kent, BR3 5UF

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Property Summary

* 6 Blocks with a total of 51 Flats
* Head Lease over entire development
* 51 years remaining
* All sub-leases extended, save for 9 Flats on their original leases (51 years)
* Hope Value/Potential for roof development (which will require agreement of Head Leaseholder)

Built circa 1977, 6 blocks of 51 flats and garages, all subject to a Head Lease over the entire property and grounds and managed by Penton Management Company (owned by all Leaseholders).

Head Lease Terms & Current Rental Income 125 years from 25 December 1977. Current rent is £1,380. Rent rising every 33 years to £1,890, then £3546. The next review is in 2043 = 18 years time. There are 51 years remaining.

Under Leases Originally 99 from 25/12/1977 (less 10 days). All flats have been extended over the years for an additonal 90 years, however the following flats remain on their original terms, now 51 years remaining. There are 9 short lease flats:-

Penrith Close - Flats 16, 18, 19, 21
Sutton Close - Flats 2, 15, 21, 25, 27

We believe that these are all 2 bedroom flats, save for Flat 2, Sutton Close, but interested parties must satisfy themselves on this point.

Notes Copies of FH/LH OCE, Head Lease/Sub-Lease available upon request.
Lessees Manage & Insure

lot type

Ground Rents

private treaty - sale status

Under Offer 2025

type

Freehold Ground Rent Investment, producing £1380 (rising)

description

* 6 Blocks with a total of 51 Flats
* Head Lease over entire development
* 51 years remaining
* All sub-leases extended, save for 9 Flats on their original leases (51 years)
* Hope Value/Potential for roof development (which will require agreement of Head Leaseholder)

Built circa 1977, 6 blocks of 51 flats and garages, all subject to a Head Lease over the entire property and grounds and managed by Penton Management Company (owned by all Leaseholders).

Head Lease Terms & Current Rental Income 125 years from 25 December 1977. Current rent is £1,380. Rent rising every 33 years to £1,890, then £3546. The next review is in 2043 = 18 years time. There are 51 years remaining.

Under Leases Originally 99 from 25/12/1977 (less 10 days). All flats have been extended over the years for an additonal 90 years, however the following flats remain on their original terms, now 51 years remaining. There are 9 short lease flats:-

Penrith Close - Flats 16, 18, 19, 21
Sutton Close - Flats 2, 15, 21, 25, 27

We believe that these are all 2 bedroom flats, save for Flat 2, Sutton Close, but interested parties must satisfy themselves on this point.

Notes Copies of FH/LH OCE, Head Lease/Sub-Lease available upon request.
Lessees Manage & Insure