Freehold investment opportunity.
6 Dec 2017 | 02:00 PM
Result:
Sold for £15,000
Freehold
Ground Rent Investment, 64 & 66 Ross Close, Saffron Walden, Essex, CB11 4AY
Lot 7
Result: Sold for £15,000
Key Features
- Ground rent currently yielding £100 per annum, with scheduled increases and future lease extension
- Freehold Investment opportunity
Description
A chance to purchase the freehold of 64 and 66 Ross Close, Saffron Walden, representing a long-term investment opportunity.
The properties consist of a purpose built pair of maisonettes, each with a single garage, which have been sold to the existing owners on a long lease hold basis. The freehold purchase therefore offers the opportunity of collecting the ground rent, which is currently £100 per annum (£50 per annum per flat), increasing to £75 per annum per flat in 2028 and £100 per annum per flat in 2053.
No. 64 Ross Close has 60 years remaining on the original lease, and will therefore need to agree a premium to extend the lease in the future.
Auctioneers Note
In accordance with s.5 Landlord & Tenant Act 1987, notices have been served on the Lessees and they have not reserved their rights of first refusal. This Lot cannot be sold prior to auction.
Tenure
Freehold subject to long leaseholds
Lot Type
Land
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Perrin Myddelton, 10 Waterside, Station Road, Harpenden, Herts, AL5 4US Tel; 01582 466145 REF; AM
Viewing
This is purely a freehold ground rent investment opportunity, therefore no internal viewing of the property is permitted.
Important notes
IMPORTANT: Cheffins would like to inform prospective purchasers that these sales particulars have been prepared as a general guide only. A detailed survey has not been carried out, nor the services, appliances or fittings tested. Room sizes should not be relied upon for furnishing purposes and are approximate. If floor plans are included, they are for guidance and illustration purposes only and may not be to scale. Images may have been digitally edited for illustration purposes. If there are any important matters likely to affect your decision to buy, please contact us before viewing the property.
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.