Sold for £154,000

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Freehold ground rent investment with development potential, site of 0.73 acres in a prime position on Sandbanks Road with views of the harbour. Ground rent of £1710 pa rising to £3360 pa in 2025.

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Description/Location

The site comprises 12 x 2 bedroom apartments in a 3 storey block with extensive grounds and garages, there is an additional 1 x 1 bedroom apartment above the garages at the rear. The apartments are held on leases producing ground rent of £1770 pa with unexpired terms of 153 years (1 x 2 bed), 229 years (8 x 2 bed), 978 years (1 x 2 bed) and 999 years (2 x 2 bed, 1 x 1 bed) with management via a company owned by the lessees. Planning was granted in 2001 for 2 additional garages and another 2 x 1 bedroom apartments with a subsequent approval for more garages, demolition of the existing 1 bedroom apartment and the construction of 4 new flats. Both approvals lapsed. In addition to reinstatement of the approvals there is potential to develop land to the south of the garages for the erection of a detached dwelling and to utilise the roof space of the main block with construction additional 2 bedroom penthouse apartments taking advantage of the stunning views. The new permitted development rules introduced in 07/20 may allow an additional 2 storeys above the main block.

Tenure

Freehold

Office Contact

Network Auctions - 020 7871 0420

Rent

Ground Rent: £1770 pa (rising)

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*Guide Price & Reserves

Generally speaking 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. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.