Lot number: 11
Head Lease Investments, 2, 3-4 High Street, Hitchin, Hertfordshire, SG5 1BH
An opportunity to purchase head lease investments, for a property in Hitchin town centre.
The head leases were granted to the seller on 25th December 2009 for a period of 130 years.
Six subleases were granted to the residential flats, commencing on the 25th December 2011 and have circa 118 year unexpired terms.
Each sublease currently provides a rental sum of £250 per year to the Head lease holder, therefore generating a rental income of £1500 per annum.
Provisions are made within the subleases for the doubling of the rent every 25 years with the next review due on 25th December 2034.
There are no payments required to the Freeholder, as the original provision of a rent from the seller to the freeholder has been removed, but the buyer will be responsible for passing up the service charge and insurance received from the undertenants.