The entire property is subject to a single headlease in favour of the management company for a term of 250 years (less 10 days) from 1 January 2016 at a current ground rent of circa £13,000 per annum reviewed every 25 years by reference to RPI (subject to lease terms). See notes below in respect of the rent payable under the lease.
Share in the management company - The freehold owner is currently the sole shareholder of the management company, being The Market Building (Brentford) Management Company Limited (Company Number - 10073347). Any successful bidder will be required to take a transfer of the shares owned by the freehold owner in the management company. Any interested bidder should review all information relating to the company, which can be found on Companies House.
Charge - The property is currently charged and there is a pending application against the freehold title at HM Land Registry in respect of the same. The charge will be fully discharged on completion of the transfer.
PLEASE NOTE
- The rent payable under the headlease is the aggregate of the yearly rent reserved under the “flat leases” as reviewed from time to time.
- The “flat leases” are defined as those leases set out in Schedule 1 to the headlease, a copy of which is included in the legal pack.
- The residential flat leases are subject to rent review every 25 years from the commencement of each lease term. As all lease terms commence on or after 1 January 2016, no rents have yet been subject to review.
- The freeholder insures and manages the property.
- Any interested bidder is asked to obtain and review planning information in respect of the property from the local authority website, being the London Borough of Hounslow, and/or planning portal.
- Due to the number of addresses at the property, the seller considered the costs disproportionate to run a local search against every address registered within the property. Instead, the seller has run a local search against the commercial units being 191, 192, 193, 194, High Street and 8 Market Place (now converted to residential) and 10 Market Place and the residential flats consisting of Flat 10, Flat 20 and Flat 40, which the seller thinks provides reasonable search coverage. Please note that any successful bidder will be responsible for paying all search costs pursuant to the terms of the special conditions.
