Lot 20: FREEHOLD GROUND RENTS

Sold £137,500

A fantastic opportunity to acquire the freehold of this prominent block situated on St Leonards seafront. The current freeholder has carried out extensive refurbishment work over the past 10 years including redecoration of internal communal areas, work to the communal lift and exterior redecoration. Comprising 59 flats, 3 of which are held under a separate head lease the block provides an exciting investment opportunity.

39 of the flats have been sold on 120 year leases from 24th June 1979 at a current ground rental of £60 per annum each. One flat has been sold on 115 year lease from 24th June 2008 at a current ground rental of £150 per annum. 2 Flats have been sold on 125 year leases from 24th June 1979 at a current ground rental of £60 per annum each. Fourteen have been sold on 210 year leases from 24th June 1979 at a peppercorn ground rental. The basement floor is sold on a 90 year lease from 24th June 2017 at a current ground rental of £300 per annum.

The airspace above the of 5th and 6th floor (now comprising 3 flats) is sold on a 125 year lease from 13th May 2008 at a current ground rental of £250 per annum.
The leases provide for the freeholder to insure, maintain and manage the block recovering the cost from the leaseholders by way of a service charge.

Auctioneer’s Note

Section 5(b) Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.