LOT 39

565-569 (Odd Numbers) London Road, Westcliff-on-Sea, Essex, SS0 9PQ

FREEHOLD GROUND RENT INVESTMENT –
9 FLATS & 1 COMMERCIAL UNIT
Guide price: £40,000 - £45,000*

Auction Date

Monday, 25th March 2019 11:00am

Location & Description

A modern purpose-built development comprising 9 self-contained flats and a ground floor commercial unit on the north side of the A13 London Road which links with Southend town centre to the east and is about a mile from Westcliff mainline station and the seafront.

Accommodation

Each flat is sold on a 125 year lease from 01.01.2017 at a current ground rent of £250 p.a. reviewable every 10 years to a minimum of a 35% increase (except one flat at 30%) or based on RPI (whichever the greater) - refer to leases.

The commercial unit is sold on a 125 year lease from 01.01.2018 at a current ground rent of £250 p.a. reviewable every 10 years to a minimum of a 35% increase or based on RPI (whichever the greater) - refer to lease.

Note

VAT payable on commercial element only

EQUIVALENT TO £2,500 p.a.

Status

Sold for £58,000

* 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.