miles
Lot 111

FREEHOLD GROUND RENT AND TWO-BEDROOM FLAT INVESTMENT

Flats 1-17, Alexandra House, Alexandra Road, Great Yarmouth, Norfolk, NR30 2AY
Flats 1-17, Alexandra House, Alexandra Road, Great Yarmouth, Norfolk, NR30 2AY
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Sold £90,000

Currently let at £6,520 per annum

Situated in the coastal resort town of Great Yarmouth is this development of 17 flats, 16 of which are sold on 125-year leases, from 29th December 2004, at a current ground rent of £70 per annum rising by 40% every 10 years.

Flat 5 (two-bedroom flat) is retained in the freehold title being sold and is 73 sq.m. (785 sq. ft). The flat is let on an Assured Shorthold Tenancy at a reduced rate of £450 per calendar month (£5,400 per annum), as the tenant formerly undertook caretaker services and was offered a reduced rent. There may be potential to increase the rental yield on this flat in the future, in line with market rents.

The freeholder has the responsibility to insure and maintain the building and this is recovered by way of a service charge. In addition there is a parcel of land to the north of Alexandra House, which is included in the sale and is utilised as residents parking.

Auctioneer’s 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.

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/