Postponed till our next auction on Thursday 16th March 2023

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Freehold ground rents secured on 22 flats (11 x 2 bed, 11 x 1 bed) producing £550 pa (rising). 8 x highly reversionary terms of 55-60 years. Site of 1.29 acres with potential for further development.

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Description/Location

Lease Terms: 1 x 99 years from 01/07/1980 (55 unexpired). 1 bed. 7 x 99 years from 01/07/1984 (60 years unexpired). 6 x 1 bed, 1 x 2 bed. 4 x 131 years from 01/07/1984 (92 unexpired). 3 x 1 bed, 1 x 2 bed. 10 x 15 years - 160 years unexpired. 9 x 2 bed, 1 x 1 bed. Ground Rent: 9 x £50 doubling 1 x £100 10 yearly RPI 12 x peppercorn Total ground rent income £550 pa. Landlord manages and insures. Current BI Premium £3225.76 pa No major arrears, see statement with legal pack. We estimate the current market value of the properties with extended leases at: 1 bedroom flats - £90,000+ 2 bedroom flats: £110,000+

Tenure

Freehold

Local Authority

Wrexham County Borough Council

Office Contact

Network Auctions - 020 7871 0420

Rent

Ground Rent: £550 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.