A substantial five storey property comprising two blocks situated in an elevated position in St. Leonards-on-Sea, and currently undergoing routine cyclical external Major Works due for completion shortly. There are 15 self-contained flats currently producing £4,325 per annum, increasing
to £8,300 per annum, in just over four years.
Five of the flats have been sold on 125-year leases from
1st January 2001, each paying a current ground rental of £225 per annum, increasing to £500 after 25 years, then £750 after a further 25 years for the remainder of the term.
Three of the flats are sold on 215-year leases, from
1st January 2001, each paying a ground rental of £350 per annum, increasing to £500 after 25 years, then £750 after a further 25 years and a peppercorn from 1st January 2126 for the remainder of the term.
Four flats are sold on 125-year leases from 1st January 2001 at a current ground rental of £350 per annum, increasing to £700 after 25 years, then £950 after a further 25 years for the remainder of the term.
The remaining three flats are sold on 125-year leases from 1st January 2001 at a current ground rental of £250 per annum, doubling after 25 years, then increasing to £750 after a further 25 years for the remainder of the term.
Auctioneers Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.