Ten converted Apartments in a corner Development
sold on 125-year leases from 1st February 1990
at a combined (rising) ground rent of £1,250 per annum
The Ground Rents rise by £250 every 25 years (now in second review period).
93 YEARS LEFT ON THE LEASES.
Single Lease to a Lessee-owned Management Company with the ten occupational Leases arising under the Management Company Lease.
The Lessee-owned Management Company covenants to Insure in an Agency nominated by the Landlord.
The Landlord has, since ownership, historically Insured and Managed the Development.
Sum Insured: £1,380,000. Premium: £3,621.17. Renewal: 1st January 2023.
Management Fee: £1,500 per annum.
PLUS PLANNING POTENTIAL FOR TWO APARTMENTS – not yet applied for.
The Lessees cannot alter their premises without the written consent of the Landlord.
Section V Notices are not required.
Copy documents: Executed Lease to Management Company and Specimen Apartment Lease; Deed of Variation; Insurance Summary of Cover; Planning Drawings; Photo Gallery of the Development.
Acquired from the original Developer in the early 1990’s
GUIDE PRICE £30,000