Ground Rent Investment – Block of 17 Modern Apartments - Currently Producing £4,420 pa – Next Review 2023

Freehold ground rent investment of 17 no. modern apartments currently producing £4,420 pa (£260 pa each). We are informed that the 2012 rent review was missed with the next review due in 2022. Based on the rent review calculation (see legal pack) the rent could increase to c£7,200 pa at the 2023 review based on the last sale in the block. The apartments are held on long term leases of 999 years from 1st January 2002. The lease states that the ground rent is to be calculated at 1/17th of 0.24% of the price likely to be paid for the entire property on the open market. Please refer to the legal pack. The lease contains rent reviews every 10 years, the next review being 31st December 2022. The property comprises a modern purpose built three storey apartment block occupying a prime city centre location within a few minutes walk of Bootham Bar, York Minster and all of the citys amenities. A management company is in place and they are responsible for insuring the entire property.

Tenure

See Legal Pack

Energy Efficiency Rating (EPC)

Current Rating N/A

Local Authority

York City Council

Additional Fees

Administration Charge - 1.5% inc VAT of the purchase price, subject to a minimum of £1500 inc VAT, payable on exchange of contracts.

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