E978: Mansfield Road, Nottingham NG1
Seven large Grade II listed terraced Houses in a parade
PLUS ONE VACANT CAR PARKING SPACE
sold on 999-year Leases from 1st April 2013
at a combined (rising) ground rent of £1,750 per annum
The Ground Rents are reviewed every TEN years to greater than House Inflation or RPI linked to April 2013.
THE NEXT REVIEW IS DUE IN APRIL 2023
Acquired in 2017 as a parcel of fifteen houses from Receivers of the Developer. Eight Freeholds have been sold to their Lessees at a combined Premium of £83,000. It is anticipated the Ground Rents will increase to £435 in April 2023, total then being £3,045 per annum.
The Vendor is divesting all their Management Property and despite the imminent Ground Rent Review wants to avoid managing this Estate on its own. If retained, then, when the fresh Ground Rent demands are sent out, they will offer the Freeholds to the Lessees.
The Landlord Insures, Manages the Houses and the Communal Car Park.
Sum Insured: £8,276,462. Premium: £16,913.53. Renewal: 2nd June 2023
The Landlord owns everything above the ceilings, below the floors and the building envelope
The Lessees cannot alter their premises without the written consent of the Landlord.
Copy documents: Executed Lease; Office Copies and Plan; Insurance Summary of Cover; Ground Rent Summary with Renewal Profile and Sales Prices of Freeholds
Guide Price: £70,000
