Twelve apartments in two blocks, each containing six flats across five floors
and one commercial unit which is currently being used as a bedroom furniture store
THE COMMERCIAL SPACE EXCEEDS 25% OF THE PROPERTY’S NET FLOOR AREA
sold on 999 year leases from 1st January 2006
At a combined (rising) ground rent of £3,700 per annum, payable in advance
Five of the ground rents double after 33 years, double again after the next 33 years and then are fixed at £300 per annum for the remainder of the term. These five double in four years to £1,000 per annum.
Eight of the ground rents double every 15 years throughout the term, these eight will double in four years to £6,400 per annum.
The Landlord covenants to insure and manage recovering all costs due under the lease by way of ADDITIONAL RENT from the Lessees
The Lessees covenant not to make any structural alterations or additions without the prior consent of the Landlord.
Management Fee: £2,600 + VAT per annum
Sum insured: £1,703,823 Premium: £5,554.04 inclusive of Terrorism (£137.91) & IPT
Renewal Date: 1st July 2017
Insurance Commission: £850 per annum
Section V Notices are not required
Copy documents held: Two Executed Leases of each format, Office Copies, Property Inspection Report, Colwyn Bay Council Schedule of Works, Commercial Lease, Insurance Summary of Cover; Vendor Company Details (up to date but dormant accounts); Annual Return