E230 Conwy, Clwyd

Twelve apartments in two blocks, each containing six flats across five floors

(including basement)

and one commercial unit which is currently being used as a bedroom furniture store


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