About this property
Key Features
Rental income of £1500 per annum
Head Lease opportunity
Description
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.
Tenure
Long leasehold
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Danielle Sher at Tollers Solicitors, 6 Arlington Court, Arlington Business Park, Stevenage, SG1 2FS
Viewing
There is no opportunity to view the property
Important notes
*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.�