LOT 55

27 & 29 Argyle Road, Ilford, Essex, IG1 3BH

FREEHOLD GROUND RENT INVESTMENT -
8 FLATS, 3 LEASES WITH 54½ YEARS UNEXPIRED
Result: Sold for £93,000 Guide price: £75,000 plus*

Auction Date

Wednesday, 6th February 2019 11:00am

Location & Description

A pair of double fronted semi-detached properties comprising eight self-contained flats west of the A123 Cranbrook Road and within ½ mile of Ilford mainline station and the town centre.

Accommodation

27 Argyle Road
Flat 1: 99 years from 09.10.2015 at a current ground rent of £200 p.a. doubling every 25 years.
Flat 2: 99 years from 29.07.2003 at a fixed ground rent of £15 p.a.
Flats 3 & 4: Each 189 years from 1974 at a peppercorn.

29 Argyle Road
Flat 1: 189 years from 1974 at a peppercorn.
Flats 2, 3 & 4: Each 99 years from 1974 (about 54½ years unexpired) at a fixed ground rent of £15 p.a.

Note

Planning permission was granted by London Borough of Redbridge on 14.09.2006 (Ref: 1985/06) (now lapsed) for loft conversion to create two self-contained flats within the roof spaces. Alteration to the roof profile with two rear dormers and two side dormers.

EQUIVALENT TO £260 p.a. WITH 3 LEASES HAVING ABOUT 54½ YEARS UNEXPIRED

Status

Sold for £93,000

Addendum

The sellers have not been able to obtain a copy of the lease for Flat 2, No. 27 and the information supplied is based on the Office Copy Entries from the Land Registry. The previous managing agent had collected £15 GR for 5+ years.

* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.