Lot 20

FREEHOLD GROUND RENTS

Ground Rents, Greeba Court, 54, 55 and 56 Marina, St Leonards-on-Sea, East Sussex, TN38 0BQ
Ground Rents, Greeba Court, 54, 55 and 56 Marina, St Leonards-on-Sea, East Sussex, TN38 0BQ
Sold £137,500

Currently let at £3,160 per annum

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.

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 Auction Day.

* 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 cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

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 cliveemson.co.uk/buyers-fees/