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.
Section 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.”