E374: Great George Street, Leeds LS1

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 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