E335: Bethwin Road, Camberwell, London SE5
Bethwin Road, Camberwell, London SE5
The Freehold Reversionary Interest of forty seven converted Apartments
Thirty nine Apartments are sold on 125 year leases from 2003 at a combined (rising) ground rent income of £6,350 per annum with the ground rent doubling every 25 years
A Development Lease has been granted to the airspace above both blocks to build eight further apartments providing an additional ground rent income of £2,600 per annum.
(2 x 1 beds at £250 per annum; 6 x 2 beds at £350 per annum)
These eight apartments have now been built with the leases due to complete imminently
The new leases will mirror the existing leases on a term of 125 years with the ground rent doubling every 25 years
Thus, the total Ground Rent income is £8,950 per annum
The Landlord covenants to insure and manage recovering costs by way of Service Charge from the Lessees.
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 make any alteration or additions without the prior written consent of the Landlord
The Lessees covenant to notify the Landlord of any assignment and pay the Landlord’s reasonable fees.
Sum Insured £10,275,810; Premium £38,094.18; Renewal Date 01/09/2019
Section V Notices have been served on the Lessees and will expire on the 18th October 2018
Copy documents held (electronically in a data room): Draft Lease; Development Lease, Ground Rent Schedule; Service Charge Budget; Section 5 Notices; Title Registers; Insurance Schedules
ORIGINAL DEVELOPER SELLING
Section V Notices served at £250,000