Withdrawn
- Block of Apartments
- 4 Bedrooms
Call the team on 020 7625 9007 for more information
A Freehold Residential Development Opportunity and Ground Rent Investment Producing £1,927.75 Per Annum (increasing to £2,002.75 in March 2025). Offered with Planning Permission for the Construction of a Fourth Floor Extension to Create Two Additional Penthouse Seaview Flats (2 x Two Beds)
The property comprises a detached block of 15 self-contained flats and garages (all sold off) arranged over ground and three upper floors.
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'
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
Tenancy
All of flats are sold off on a 999 year Leasehold from March 1959 (thus approximately 934 years unexpired).
Section 5(b) Notices under the Landlord & Tenant Act 1987 have been served and the Leaseholders have not reserved their rights under legislation. The Leaseholders have recently served a Right To Manage claim notice.
Further Information
A Ground Rent is a nominal annual rent paid by the leaseholder to the freeholder. When you purchase a ground rent investment you are purchasing the rights to the ground rent income, not the flats themselves. When the lease terms become low, the freeholder can charge each lessee a premium for extending their lease. Further income can be derived when the freeholder has the right to manage and insure the building.
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - Purchasers will be required to pay an administration fee of £1,800 inc VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Disclaimer: The map preview provided above is for general guidance only and may not accurately reflect the exact location or surrounding buildings. Prospective buyers and interested parties are strongly advised to independently verify the precise location and surroundings before bidding.
