Lot 69: FREEHOLD GROUND RENTS

Guide Price £95,000 – £105,000 * + Fees
Ground Rents, 39-43 West Hill Road, St Leonards-on-Sea, East Sussex. TN38 0NA

Currently let at £4,325 per annum

Applicants may view the lot externally only

01273 504232

Sam Kinloch/Emma Attrell

A substantial five storey block arranged as 15 self-contained flats situated in an elevated position in St Leonards-on-Sea and currently producing £4,325 per annum, increasing to £8,300 in seven years.

Five of the flats have been sold on 125 year leases from 1st January 2001 each paying a current ground rental of £225 per annum, increasing to £500 after 25 years then £750 after a further 25 years for the remainder of the term.

Three of the flats are sold on 215 year leases from 1st January 2001, each paying a ground rental of £350 per annum increasing to £500 after 25 years, then £750 after a further 25 years and a peppercorn from 1st January 2126 for the remainder of the term.

Four flats are sold on 125 year leases from 1st January 2001 at a current ground rental of £350 per annum increasing to £700 after 25 years, then £950 after a further 25 years for the remainder of the term.

The remaining three flats are sold on 125 year leases from 1st January 2001 at a current ground rental of £250 per annum, doubling after 25 years, then increasing to £750 after a further 25 years for the remainder of the term.

Auctioneer’s Note

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have reserved their rights under the legislation.

Residential EPC: D

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