Sold for £46,000

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Freehold ground rents secured against an attractive 4 storey block of 16 apartments occupying a site of 0.5 acres, currently producing ground rent equivalent to £2432 pa.

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Description/Location

Attractive freehold block of 16 flats (there is no Flat 13) located in the heart of Heaton Moor village close to local shops, restaurants and bars with Heaton Chapel Railway Station nearby. The apartments are arranged across the lower ground, ground, first and second floors. Each flat is held on a lease for 999 years from 01/01/2005. The initial ground rent was £100 pa per flat in 2005, subject to 5 yearly RPI reviews. The first review was 01/01/2011, the next review is 01/01/2026. The current ground rent is £152 pa per flat. The freeholder manages and insures. We refer bidders to the legal pack for copy S5B Notices, the lessees have not taken up their rights.

Tenure

Freehold

Office Contact

Please contact Ground Rent Auctions on 020 3987 0139.

Rent

Ground Rent: £2432 pa

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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.