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Block of Apartments for sale

Springhills, Henfield

Sold STC £400,000

Property Description

Key features

  • Freehold Ground Rent Investment
  • 27 Warden Assisted Units Comprising 14 Purpose Built Flats, 9 Chalet Bungalows and 4 Bungalows
  • Extremely Rare Investment Opportunity

Full description

*RESIDENTIAL FREEHOLD GROUND RENT INVESTMENT* Comprising 27 warden assisted units – 14 purpose built flats, 9 chalet bungalows and 4 bungalows – all held on 125 year leases from the 1st June 1986 providing the following income:

GROUND RENTS
£10,395 Per Annum (For schedule of increases please refer to the lease)

6 GARAGES
5 of the 6 garages are currently let on a quarterly basis producing £3,300 per annum however, the sale of the freehold will also include an additional garage which based on the same rate will increase this amount to £3,960 per annum. In the opinion of the auctioneers it is considered that the current rent of £165 per quarter is too low with some scope for increase entirely possible.

COMMISSIONS
In addition to the rental income, the freeholder also receives commission in relation to the sale of any of the flats and or chalet bungalows as follows:

1% of the selling price to be received by the freeholder in addition to any fees as paid to an estate agent or any other third party selling agent in respect of the sale of any property within the estate.

2% of the selling price to be received by the freeholder in respect of the sale of any property within the estate in the event the freeholder is appointed as the sellers agent and thereafter effects the sale.
There will be an overage provision within the contract of sale that will provide for the amount of 25% to be paid to the current owners in the event an uplift in value of the land is achieved within a 15 year period from the date the sale completes.

Under section 5a of the Landlord & Tenant Act 1987 (as amended), the requisite Notices were served upon the Tenants on the 11th July 2016 with early indications being that the Tenants WILL NOT be reserving their rights under The Act. Notwithstanding this, all interested parties should be aware that the Tenants do in fact have 2 months from the date the Notices were served to reserve their rights with such expiring therefore on the 10th September 2016

Tenure - Freehold, subject to existing tenancies


More information from this agent

Listing History

Added on Rightmove:
16 August 2016

Map & Street View

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