A Residential Development Opportunity and Ground Rent Investment. Offered with Planning Permission for the Construction of a Fourth Floor Extension to Create an Additional Two Penthouse Seaview Flats (2 x Two Beds) also Currently Producing a Ground Rent Income of £1,877.75 Per Annum

The property comprises a detached block of 15 self-contained flats and garages (all sold off) arranged over ground and three upper floors.

Tenure

Freehold

Location

The property is located on a residential road close to local shops and amenities. There are numerous green open spaces and Folkestone Harbour are within easy reach. Transport links are provided by Folkestone Central rail station.

Planning

Folkestone & Hythe Council granted the following planning permission (ref: 21/1707/FH) on 30/05/2022: 'Alterations to roof of building to accommodate two two-bedroom flats within the roof space' Potential to re-apply for planning to provide 4 x one bedroom self-contained flats (Subject to Obtaining all Relevant Consents) Buyers should rely on their own enquiries.

Proposed Accommodation

Fourth Floor 2 x Self-Contained Two Bedroom Flats Flat 17 - G.I.A 80 sq m Flat 18 - G.I.A 110 sq m

We understand the freeholder has the option to insure, maintain and manage the block if desired. Section 5(b) Notices under the Landlord & Tenant Act 1987 have been served and the Leaseholders have not reserved their rights under legislation.

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.