E338 Redditch, Worcestershire B97

Eight (two bed) Apartments in two buildings as one Development

Sold on 99 years leases from 1st July 2002

THUS WITH EIGHTY FOUR YEARS REMAINING ON THE LEASES

At a combined (rising) ground rent of £1,000 per annum

The ground rents double every thirty three years

THUS THE GROUND RENT DOUBLES TO £2,000 IN SEVENTEEN YEARS TIME

The Lessee owned Management Company (Limited by shares) covenants to manage the building and insure “in the company of office… and the sum insured and the risks covered… as the Lessor shall approve… in the joint names of the Lessor and the Management Company”

The filing history is up to date but only dormant accounts have been filed

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.

Mouseprice Flat Value: circa £130,000

Section V Notices have not yet been served

Copy documents held (electronically in a Data Room): Executed Lease; OCE’s; ManCo Company Details and Filing History; Mouseprice Details

 

Guide Price: £33/38,000