Sold for £51,000

---

Freehold ground rents secured against a 2 storey building arranged as 17 flats ( 1 x studio, 8 x 1 bed, 6 x 2 bed, 2 x 3 bed) producing £3400 pa (rising). Potential to develop the air space with additional floors and flats subject to planning.

---

Description/Location

Each flat is held on a lease for 125 years from 29/09/2017, the initial ground rent is £200 pa per flat with RPI reviews every 10 years throughout the term. We understand the lessees have submitted a right to manage application. We refer bidders to the Section 5a Notices included in the legal pack. This landmark building enjoys direct views across to Portland Bill and the sea. There is potential to construct additional floors / apartments subject to the necessary consents.

Auctioneers Note: Image 4 shows the facade of the adjoining 3 storey hotel building.

Tenure

Freehold

Office Contact

Network Auctions - 020 7871 0420

Rent

Ground Rent: £3400 pa

View Larger Map

View larger map on Google Maps.

*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.