Ground Rent
A Ground Rent Investment secured upon 7 x 1 bedroomed apartments and 5 x 2 bed apartments. Each lease has a review pattern of 21 years from 1 Sept 2039 to RPI. Total current income received £5,900 p.a
Each of the 12 apartments is held on a lease for a term of 250 years (less three days) from 30 August 2019. Each 1 bedroomed apartment is paying a ground rent of £450pa whilst each 2 bedroomed is paying a ground rent of £550pa. Total current rent received £5,900p.a.
Located just 8 minutes walk from Kennington Station and 15 minutes to Waterloo, Kennington is diverse and vibrant – an area with a distinct style characterised by open green spaces and smart Georgian and Victorian architecture. There’s a strong feeling of community spirit here, with an active residents’ association, local theatres and neighbourhood events throughout the year. Kennington retains the elusive small-town charm of an area that looks and feels lived in, but benefits from every convenience that living in a major metropolitan can offer
Held on a long lease for a term of 250 years at a peppercorn ground rent.
The buyers fee for this lot is £1,200 inc VAT, this is only payable if you are the successful purchaser. There is no cost to participating in the sale.
Leasehold.
Auction Details:
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions’ Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees:
The following deposits and non- refundable auctioneer’s fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyer’s Fee of £1,500 inc. VAT
The Buyer’s Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions’ home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
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