A purpose-built block of 12 self-contained flats with garages. Two of the flats’ leases have not yet been extended and seven of the flats pay a total ground rental £250 per annum. The remainder do not pay a ground rent.
The Lessees have formed a ‘right to manage’ company and are responsible for the insurance, maintenance and management of the building.
It is considered there may be development potential at the site which would require the co-operation of the Freeholder, subject to all necessary consents being obtainable.
AuctioneerÂ’s Note
We understand from the Seller a share of the premium from the Freeholder granting and extending new leases, has been received. The latest extension, completed in May 2020 provided a share of £2,500 to the Head Leaseholder. Other miscellaneous income streams are received, for example, Notice of Assignment fees.
The net income for the Head Leaseholder for the year ended 31st March 2023, was £600.
Further details will be available in the legal pack, which will be available to download from the
Clive Emson website.
Tenure
Head Leasehold interest for a term of 99 years from 5th July 1959 at an original ground rental paid to the freeholder of £240 per annum.
As a result of lease extensions, the current ground rental has been reduced to £100 per annum.
Local Planning Authority
Royal Borough of Greenwich. Website: royalgreenwich.gov.uk. Tel: 020 8854 8888.