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Sold Prior | Lot 1

Rochester Court, 50 Rochester Gardens, Hove, East Sussex, BN3 3HT

Sold Prior

  • Commercial Property

Call the team on 01273 201989 for more information

Auction Date

Thu 22/09/2022

Auction Time

2.30pm

Auction Venue

Live Stream

Freehold Ground Rent Investment for sale producing £2,850pa (rising)

A substantial detached red brick double fronted building of 20 converted flats producing £2,850pa (rising every 25 years), with car parking to the front. Situation The property is situated in a prime residential location in central Hove. NB WE DRAW YOUR ATTENTION TO THE SPECIAL CONDITIONS IN THE LEGAL PACK, REFERRING TO OTHER CHARGES IN ADDITION TO THE PURCHASE PRICE. PLEASE ENSURE YOU READ THE SPECIAL CONDITIONS THOROUGHLY Term of Leases Flat 13 - Extended; 187 years remaining; Peppercorn rent All other flats (19 in total); 125 years from 29.09.1994; 97 years remaining Ground Rent Income Grounds rents are £75pa for each of the 19 flats doubling every 25 years. The first review was 2019 and all rents are now £150pa. Next review is 22 years. Totals:- £2850/£5700/£11400 History Sales in Block Last sale in block registered as Flat 1 (2020) @ £220,000 A 1 Bedroom flat is currently on the market @ £285,000 Notes Offered subject to Section 5a Notices under the Landlord & Tenant Act 1987 Leases and OCE available on request Freeholder Manages & Insures

Additional Fees

Administration Charge - Purchasers will be required to pay an Administration fee of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £1,200 (£1,000 plus VAT)

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