A modern purpose built block constructed circa 2013 situated in the popular South London area of Bermondsey, close to local shopping and transportation links.
The property is divided into seven apartments each sold on a 125 year leases. Flat 1 from 30th September 2013, Flat 2 from 4th December 2013, Flat 3 from 17th September 2013, Flat 4 from 4th December 2013, Flat 5 from 23 September 2013, Flat 6 from 1st November 2013 and Flat 7 from 21st June 2013. Each flat has a current round rent of £250 per annum.
The lease provide for the freeholder to insure, maintain and manage the block recovering the cost from the leaseholders by way of a service charge.
In addition to the ground rent there is further income from a Licence in place providing a fire escape to Iceland Foods. The Licence commenced 29th June 2015 to 29th June 2030. The current rent payable is £1,750 per annum with a review scheduled for 29th June 2020.
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.