Commercial Property for saleFoxley Lane, Purley
Offers in Region of
- Freehold for sale - rising ground rents
- 2 x 2 bed apartments included with freehold - AST's in place
- 2 x 2 bed apartments - £1,400 pcm each
- Eleven apartments sold off on long leases
- Current combined ground rent income £3,850 pa
- Good rental location
- Modern block of apartments
- Allocated underground parking and communal gardens
- Excellent transport links to London
The freehold is for sale, which includes two spacious, two bedroom apartments, and the remaining 11 long leasehold apartments which each have an unexpired term of approximately 988 years.
Investment Analysis - The current ground rent for each apartment is £350 per annum until 1 January 2032, providing a total combined annual ground rent income of £3,850 per annum. The ground rents increase as follows:
• 1 January 2032 - £700 pa
• 1 January 2057 - £1,050 pa
• 1 January 2082 - £1,400 pa
• 1 January 2107 and for the remainder of the term (up to £31 December 3005) £1,750 pa
The two flats included as part of the freehold are currently rented for £1,400 pcm each, providing a total combined income of £37,450 pa.
More information from this agent
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