Lot 72: FREEHOLD GROUND RENT INVESTMENT

Sold £15,000

An attractive property situated on the corner of Earls Avenue and Sandgate Road in the West End of Folkestone and currently arranged as six flats, all sold on long leases. Flat 1 is sold on a long lease from 24th June 1960 to 26th September 2134 at a current ground rent of £25 per annum. Flat 2 has been sold on 125 year lease from 15th January 1991 at a current ground rent of £100 per annum. Flat 3 has been sold on a long lease from 24th June 1960 to 26th September 2134 at a current ground rental of £125 per annum. Flat 4 has been sold on a 189 year lease from 29th September 1999 at a current ground rent of £125 per annum. Flat 5A has been sold on a 99 year lease from 29th September 2016 at a current ground rent of £125 per annum. Flat 5B has been sold on a 99 year lease from 25th March 2018 at a current ground rent of £120 per annum.

We understand that the freeholder insures, maintains and manages the block recouping the costs by way of a service charge from the leaseholders.

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.