Lot 68 Freehold Ground Rents Plus Vacant Possession Of Ground Floor PremisesAuction Date:
22nd March 2023
Ground Rents, Forest Hill Hotel, 41 Stanstead Road, Forest Hill, London, SE23 1HG
Ground Rent Income £2,000 per annum
A freehold building comprising eight first and second floor flats, all sold on 125-year leases from 29th September 2012, and each paying a current ground rent of £250 per annum. Also included is the entire vacant ground floor premises, which had planning approval for conversion into additional flats in 2018.
Although some work has started on the conversion, it is in need of an extensive completion program and possibly a new planning application will be required. However, it is considered this offers an opportunity for developers and builders, subject to all necessary consents being obtainable.
Forest Hill is an affluent and bustling part of South London. The property is located in a one-way turning, off the A205 South Circular Road, within easy reach of local shopping, public transport and Forest Hill Station (Overground & Southern services).
Ground Floor - Vacant
The entire ground floor is in an unfinished condition, with stud partitions and various rooms in the process of sub-division.
Ground Rents
Flats 1-8, 41 Stanstead Road are all held on the remainder of 125-year leases, from 29th September 2012, at current ground rents of £250 per annum, thus producing an annual income of £2,000 per annum.
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.
Planning
Planning Permission was granted (now lapsed) by the London Borough of Lewisham, under ref: DC/15/092365, dated 8th February 2018, for Change of Use and alterations to the ground floor level layout at the former Forest Hill Hotel, 41 Stanstead Road SE23 to provide three, one-bedroom and
one, two-bedroom self- contained flats, including alterations to the land at the rear to enlarge the cycle parking area and to provide a communal amenity space for residents of
41 Stanstead Road, as well as private amenity spaces for the new ground floor units, subject to conditions.
A copy of the Planning Consent and accompanying documents may be downloaded from the Local Planning Authority: Website: lewisham.gov.uk. Tel: 020 8314 7400.
Freehold with Part Vacant Possession
There is an addendum available to be read
in conjunction with the legal documentation.
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 Buyers Fees
