A superb Development of ninety-two Apartments in an eleven-storey block
with a Church Meeting Building attached at ground level
sold on 150-year Leases from 28th October 2004
at a combined (rising) ground rent of £13,800 per annum.
The ground rents double in 32 years and rise by £13,800 50 years later
The Landlord Insures and Manages the entire Development
Sum insured: £22,522,988. Premium: £70,000 + IPT. Renewal Date 21st December 2019
The Tenure is Leasehold held on a 150-year Lease from The Church.
The Lease to the Church is very passive being held at a peppercorn only having to produce Insurance if requested and getting written consent for alterations.
The Landlord owns everything above the ceilings, below the floors and the building envelope
and can develop subject to consent from the Church.
Lessees cannot alter their premises without the written consent of the Landlord.
Cladding has recently been removed and Fire Risk Assessment concluded
Section V Notices have not yet been served
Copy documents held: Executed Church Lease; Executed Apartment Lease; Insurance Summary of Cover; Budgets and Accounts
Guide Price: £330,000