Investment, Residential, Land - Residential Development Site Single
Size 0.25 Acres (0.1 Hectares)
For Sale £155,000 Offers in the region of
Freehold for sale of a substantial detached Victorian premises converted in to 12 separate apartments with a block of 6 garages to the rear.
All 12 apartments are subject to long leasehold interests. 5 have been extended to 164 years from 1990. The remaining 7 flats have 99 years from 1990.
11 flats pay £150 per annum ground rent to the freeholder. The other flat pays a peppercorn ground rent.
With 7 long leaseholders having 69 years left to run on their leases, the investments offers future income potential by way of a premium payable to the freeholder on request for a renewal from the long leaseholders (subject to negotiation).
The garage block is situated to the rear of the plot and is accessed via a shared drive form St Andrews road.
Each garage benefits from lockable up and over doors and can be rented separately by the freeholder as a further source of income.
The garage block also offers development potential (subject to planning).