E641 Tipton, West Midlands. DY4
SPV COMPANY SALE
A substantial development of One Hundred and Six Maisonettes/Apartments and blocks of Garages
sold on varying lease terms:
Seventy-Seven sold on 99 years from 25th March 1974 each ground rent at £45, rising to £100 in 2040.
Six sold on 99 years from 25th March 1974 each ground rent at £41, rising to £92 in 2040.
One sold on 99 years from 25th March 1970 at a ground rent of £45, rising to £100 in 2040; the Vendor believes there is a typo in this lease and the commencement date should be 1974, as per the Title.
EIGHTY-FOUR with 52 years remaining.
Eighteen Statutory Extensions paying a Peppercorn Rent; seven of these leases make reference to a rising ground rent, giving scope for Deeds of Variation.
Four Non-Statutory Extensions sold on either 110 years or 120 years from 2003 each at a ground rent of either £75, or £110, rising every 33 years.
The combined (rising) Ground Rent is £4,126 per annum.
The Landlord Insures and Manages the Development.
Sum Insured: £9,622,809; Premium: £14,168.28; Renewal: 25th May 2022.
The Landlord can Build on the Development as they see fit without obstruction from the Lessees.
The Lessees cannot alter their premises without the written consent of the Landlord.
Copy documents held: Executed Specimen Lease; Ground Rent Schedule; Insurance Certificate.
GUIDE PRICE £600,000