Lot 127 - Freehold Ground Rents

Guide Price* : £30,000 Plus Currently let at £2,500 per annum An attractive freehold property situated in the heart of the village of Havenstreet and previously in use as a school and, more recently, as a care home, before conversion into eleven self-contained flats, all of which are sold on long leases. Each flat is sold on a 125-year lease from varying commencement dates in 2018 and 2019, with six at a current ground rental of £250 per annum and five at £200 per annum. All flats have 10-yearly RPI based reviews. 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. Auctioneer's Note Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served on the residential leaseholders who have not reserved their rights under the legislation.