Ground Rents, Peirson House, 175 Notte Street, Plymouth, Devon, PL1 2BT
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Read more Read moreGuide Price* : £125,000 Plus On the instructions of the Receivers Currently let at £14,800 per annum A detached purpose-built block comprising seventy-six flats and situated within the city of Plymouth. Each flat is subject to a 250-year lease with seventy-four flats having a current ground rent of £200 per annum and the remaining two flats having a peppercorn ground rent. We understand the leases provide for the freeholder to insure, maintain and manage the building, recovering the costs from the leaseholders by way of a service charge. Based on a sample of leases, we understand the ground rent is to be reviewed every 10 years, with the next review due in 2029. The rent is to be reviewed on an upward only RPI linked basis. Auctioneer’s Note Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation.
