Lot 16 Freehold Ground RentsAuction Date:
12th June 2025
Ground Rents, Walberant Buildings, Copnor Road, Portsmouth, PO3 5LB
Currently let at £10,900 per annum
Located in the heart of Hilsea, a popular suburb of Portsmouth, this substantial block comprises six commercial units and twenty flats. All of the units are sold on long leases with a healthy ground rent income of £10,900 per annum being generated.
Commercial Units
All units have been sold under one long lease of 150-years from 1st January 2015 at a current ground rent of £3,200 per annum.
Residential Units
Nineteen of the twenty units have been sold under the terms of 150-year leases from 1st January 2015 at a current ground rent of £400 per flat per annum.
Flat 5C the other flat in the building has been sold under the terms of a 99-year lease from 25th December 1990 at a current ground rent of £100 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.
Further Information
Mike Marchant/Rob Marchant
on 01489 564606
Viewings
Applicants may view the lot externally only
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Local Information
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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
