A Residential Investment Comprising Two Self-Contained Three Bedroom Flats over the First and Second Floors. When Fully Let on Nightly Rents the Total Combined Income is £65,700 Per Annum. A Third Flat on the Third Floor is Sold Off with a Ground Rent of £50 Per Annum.

The property comprises two self-contained three bedroom flats over the first and second floors with a total combined GIA of approximately 1,222 sq ft.

Tenure

Leasehold. Flat 1 is held on a 125 year lease less three days from 1st May 1988 (thus approximately 92 years unexpired). Flat 2 is held on a 125 year lease from 1st May 1988 (thus approximately 92 years unexpired).

To Be Offered Individually or Collectively With Lots 38-42

Location

The property is situated on Malvern Road close to local shops and amenities. The open space of Paddington Recreation Ground is within easy reach. Transport links are provided by Maida Vale underground station (Bakerloo line) and Queen's Park rail station.

Tenancy

The two self-contained flats are currently let on a nightly basis with an income of £65,700 per annum (assuming full occupancy each night). There is an option to let the building on a single RPI lease to a housing association for a term of 10 years commencing September 2021at a rent of £51,202 per annum. The rent would increase each year in line with the RPI and there is no break clause.

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Additional Fees

Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.