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    Key features

    • A freehold ground rent investment
    • Secured upon a semi-detached building
    • Converted to five self-contained flats
    • Producing £750 per annum
    • Four leases have rent reviews doubling every 25th year - next reviews 2032
    • One lease has no rent reviews
    • Leases expire 2132
    • Landlord insures and manages

    Description

    The property comprises an attractive semi detached period property arranged as five self-contained flats. There is a communal amenity area to the rear and off street parking to the front and rear.

    Additional information

    Tenure

    Freehold

    Tenancy

    There are five flats in the building.

    Four of the flats are subject to leases for terms of 125 years from 25 December 2007. The initial ground rents are £150 per annum subject to rent increases every 25 years, doubling.

    The fifth flat was the subject of a deed of variation some two years ago when the rent was fixed at £150 per annum for the remainder of the 125 year term.

    All leases expire in December 2132 (over 107 years unexpired)


    Rental stream as follows


    • Up to 2032 £750 per annum
    • 2032 to 2057 £1350 per annum
    • 2057 to 2082 £2550 per annum
    • 2082 to 2107 £4950 per annum
    • 2107 to 2132 £9750 per annum

    Notes

    The lessees have nominated a purchaser under the Landlord and Tenant Act 1987

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Margate is a popular costal town approximately 80 miles east of central London, 21 miles north of Dover and 16 miles east of Canterbury. The property is within a mile of the town centre and the beach. Alexandra Road joins Tivoli Road to the west and Ramsgate Road (A254) to the east.

      Transport

      Margate Station is around 1.1 miles to the north-east and provides regular non stop rail services to London.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums