An impressive town centre investment opportunity in the form of this handsome building comprising seven residential flats and a commercial unit, each sold on 125 year leases from the 25th March 1998.
The current annual ground rent inventory is £700 for the flats and £10 for the commercial element.
An uplift in the ground rent is due in respect of the seven flats in March 2023 which will be calculated by reference to the increase in the Retail Prices Index over the previous twenty five years.
The commercial unit ground rent is fixed at £10 per annum for the term.
The leases provide for the freeholder to insure, maintain and manage the block recovering the cost from the leaseholders by way of the service charge.
Auctioneer's NoteSection 5(b) Notices under the Landlord and Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
"Important:All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on the Auction Day.
Please note, following the Governments advice, lots are now being offered via our online platform.
The online auction will be held on Wednesday 17th June.
To register for our online auction please go to our online auction page .
To bid you will need to complete the form and return it to us by 3pm the day prior to the auction, along with the necessary id and any required funds.
For further information please go to or call us on .
Price Information*Guides are provided as an indication of each Seller's minimum expectation.
They are not necessarily figures at which a property will sell for and may change at any time prior to Auction.
Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide.
Please check our website regularly at , or contact us on , in order to stay fully informed with the up-to-date information.
*An Administration fee and Other non-optional fees may also be payable in addition to the bid price.
All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing.
This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty.
If, as a buyer, you are in doubt you should seek advice from your own professional advisors.
For more information on fees please go to