Seventy Residential Apartments in a modern three to seven storey Development and a lower ground floor
sold on 125 year leases from 1st January 2017
Each at an individual ground rent of £350 per annum
thus a combined (rising) ground rent of £24,500 per annum
THE GROUND RENTS DOUBLE AFTER TEN YEARS (2027) AND THEN RISE IN LINE WITH RPI, UPWARD ONLY
EVERY 5 YEARS THEREAFTER (Base Rent RPI month: July 2016)
Time is not of the essence for the Landlord when advising the Lessees of the Reviewed Rent
Completion due: January 2018
There is a Management Company limited by shares written as a third party into each Lease that manages the Development without reference to the Landlord and covenants to insure in the joint names of the Landlord and ManCo in an office or agency to be approved by the Landlord. The Developer Vendor owns all of the shares of the ManCo and will retain ownership of the ManCo managing the estate for up to five years whilst their guarantee to pay to pay their Tenants the Lessees a Guaranteed Return.
The shares of the ManCo will be transferred to the Purchaser after the guarantee period but within five years.
This cosmopolitan Development features, services by the Management expenditure, a fully equipped gymnasium; a ground floor student common room; a roof top garden terrace available to all of the Lessees; a central courtyard and a manned reception area.
The Landlord retains ownership of everything above the ceilings, everything below the floors, the entire building envelope as well as all internal and external common parts and has the full and free right at any time to develop any part of the Property as they may think fit.
The Lessees covenant not to alter the property in any way or assign without the prior written consent of the Landlord
Copy documents held: Draft Lease; OCE’s; Marketing Brochure
Original Developer Selling
Guide Price: £670,000