Lot 17: FREEHOLD GROUND RENTS

Sold £20,500

A substantial detached three storey block situated on the A259 Coast Road arranged as five self-contained flats and a ground floor commercial unit.

The ground floor commercial unit has been sold on a 999 year lease from 3rd November 2015 at a current ground rental of £400 per annum.

Flats 1 and 5 are each sold on 125 year leases from 13th June 2016 at a current ground rental of £200 per annum increasing by £100 every 25 years until the expiry of the term. Flat 2 is sold on a 99 year lease from 24th June 1990 with a ground of £100 per annum, doubling every 33 years until the expiry of the term.

Flat 3 is sold on a 99 year lease from 25th December 2002 at a current ground rental of £25 per annum increasing by £25 every 33 years until the expiry of the term. Flat 4 is sold on a 125 year lease from 13th June 2016 at a current ground rental of £200 per annum increasing by £100 every 25 years until the expiry of the lease.

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.