Sold for £55,500

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Freehold ground rents secured against 2 x 3 storey blocks comprising 18 flats and 12 garages. Current ground rent £1700 pa, rising to £2600 in 2023 and £3400 by 2034. Site of 0.67 acres with development potential.

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Description/Location

We believe there is potential to develop the site by adding a floor/s to the existing blocks, constructing additional garages or building residential units above existing garages, all subject to planning. An agent manages and insures the block on behalf of the freeholder. Flats 2,4,5,7,9,11,12,17 & 18 - 125 years from 27/09/1998 (91 years unexpired). GR £100 pa each doubling every 25 years, equivalent to £900 pa increasing to £1800 pa in 2023. Flat 1 (and garage 4) - 125 years from 27/09/1998 (91). GR £200 pa doubling every 25 years, £400 pa from 2023. Flats 3 & 6 - leases expire 2149 (127). GR peppercorn. Flats 13 - lease expires 2108 (85 years unexpired). GR peppercorn. Flat 14 - lease expires 24/06/2095 (72 years unexpired). GR peppercorn. Flat 16 - lease expires 2213 (191). GR peppercorn. Flat 8 - 178 years from 24/06/1960 (116). GR £200 pa doubling every 25 years, £400 from 2023. Flat 10 - 125 years from 29/09/2006 (108). GR £200 doubling every 25 years, £400 in 2031. Flat 15 - 125 years from 25/03/2009 (111). GR £200 doubling every 25 years, £400 in 2034.

Local Authority

Wycombe District Council

Office Contact

Please contact Ground Rent Auctions on 020 3987 0139.

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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.