miles
Lot 44

HEAD LEASE GROUND RENT INVESTMENT ON 45 FLATS OVER FIVE BLOCKS

Head Leasehold Interest, Fairlands Court & Newlands Court, 28-34 Footscray Road, London, SE9 2SS
Head Leasehold Interest, Fairlands Court & Newlands Court, 28-34 Footscray Road, London, SE9 2SS
Ground Rents - South East London AreaGround Rents - South East London Area - Fairlands CourtGround Rents - South East London AreaGround Rents - South East London Area - Newlands CourtGround Rents - South East London AreaGround Rents - South East London Area - Photo 3
Sold £80,000

Currently let at £113.48 per annum

This ground rent investment is held on a Head Lease (The Crown is the freeholder) which expires on 5th July 2060 and includes 45 leasehold flats with associated garages, held as under-leases. 42 of the flats are sold on long under-leases with peppercorn ground rents. The three remaining flats produce a current annual ground rent income of £113.48 and should these leaseholders decide to extend at any date in the future, it offers the potential for a 50% share of the marriage value.

Fairlands Court and Newlands Court is a development of low-rise three storey buildings at the junction of Footscray Road and North Park. Located in a much sought-after area in the Royal Borough of Greenwich, the flats are near to Eltham High Street and Eltham Station.

We understand the Head Lessee insures, maintains and manages the blocks, recovering the costs from the leaseholders by way of a service charge, which currently generates £19,500 per annum. Part of the property comprises a sub-station which is currently let to London Power Networks Plc for a term expiring on 4 June 2022. Negotiations are under way to renew the lease for a term of 40 years at an initial rent of £250.00 per annum subject to five yearly rent reviews based on RPI.

Auctioneer’s Note

We understand from the seller that the Buildings Insurance currently produces approximately £1,600 annual commission. Interested parties should refer to the legal pack for further details on available to download from the Clive Emson website.

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.

Tenure

Leasehold for a term of 98 years, from 5th July 1962, at a ground rent of £75 per annum payable to the Crown Estate and subject to existing under-leasehold interests contained therein.

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/