FREEHOLD - 7-9 Quay Road
Quay Road, Bridlington, YO15 2AB
- 0
Key features
Guide Price: *
£1,000
Fees apply
Buyer's fee:£6,000
All fees include VAT at 20%
Auction Type:
† Traditional
Opening bid:
£500Bid history
0 bidsAn opportunity to acquire the freehold interest in a six-flat residential building, with existing long-term leases and an established ground rent income.
An interesting opportunity to acquire the freehold of 7–9 Quay Road, Bridlington, comprising six residential leasehold flats. The purchaser will acquire the landlord’s interest in the existing leases, together with the contractual rights and obligations set out in those leases.
The supplied lease schedule indicates current aggregate ground rent of £350 per annum. Certain leases also contain stepped ground rent provisions. Service charge provisions are contained within the leases and enable appropriate building expenditure to be recovered in accordance with the lease terms.
Key Investment Highlights:
Freehold interest in a building comprising six residential flats
Existing long-term leasehold interests
Current ground rent schedule totalling £350 per annum
Ground rent review provisions on certain leases
Service charge recovery provisions contained within the leases
Mixture of 99-year and 199-year leases commencing 1 January 2006
Potential long-term residential freehold investment
Total current ground rent: £350 per annum
The supplied schedule indicates that certain £50 ground rents increase to £75 and subsequently £100 at the relevant 25-year review points. Prospective purchasers must verify the precise rent review provisions against the individual leases.
Service Charge
The leases contain service charge provisions. The information supplied indicates a service charge of £250 every six months for the relevant flats. These sums should not be treated as net investment income: service charges are intended to meet expenditure properly recoverable under the leases, including maintenance and management costs.
Lease Terms
The six leases comprise a mixture of 99-year and 199-year terms commencing on 1 January 2006. The detailed rights, covenants, repairing obligations, ground rent provisions and service charge arrangements should be confirmed by the purchaser’s legal advisers before exchange of contracts.
Why Buy the Freehold?
The purchaser is acquiring the underlying freehold interest rather than an individual flat. The investment therefore provides the landlord’s interest in six existing leases, including the right to receive ground rent where payable and to administer the property in accordance with the lease terms.
An opportunity to acquire the freehold interest in a six-flat residential building, with existing long-term leases and an established ground rent income.
An interesting opportunity to acquire the freehold of 7–9 Quay Road, Bridlington, comprising six residential leasehold flats. The purchaser will acquire the landlord’s interest in the existing leases, together with the contractual rights and obligations set out in those leases.
The supplied lease schedule indicates current aggregate ground rent of £350 per annum. Certain leases also contain stepped ground rent provisions. Service charge provisions are contained within the leases and enable appropriate building expenditure to be recovered in accordance with the lease terms.
Key Investment Highlights:
Freehold interest in a building comprising six residential flats
Existing long-term leasehold interests
Current ground rent schedule totalling £350 per annum
Ground rent review provisions on certain leases
Service charge recovery provisions contained within the leases
Mixture of 99-year and 199-year leases commencing 1 January 2006
Potential long-term residential freehold investment
Total current ground rent: £350 per annum
The supplied schedule indicates that certain £50 ground rents increase to £75 and subsequently £100 at the relevant 25-year review points. Prospective purchasers must verify the precise rent review provisions against the individual leases.
Service Charge
The leases contain service charge provisions. The information supplied indicates a service charge of £250 every six months for the relevant flats. These sums should not be treated as net investment income: service charges are intended to meet expenditure properly recoverable under the leases, including maintenance and management costs.
Lease Terms
The six leases comprise a mixture of 99-year and 199-year terms commencing on 1 January 2006. The detailed rights, covenants, repairing obligations, ground rent provisions and service charge arrangements should be confirmed by the purchaser’s legal advisers before exchange of contracts.
Why Buy the Freehold?
The purchaser is acquiring the underlying freehold interest rather than an individual flat. The investment therefore provides the landlord’s interest in six existing leases, including the right to receive ground rent where payable and to administer the property in accordance with the lease terms.
Summary
- Auction end
- 9th Oct at 22:30
- Property type
- Commercial
- Tenure
- Freehold
- Bedrooms
- -
- Bathrooms
- -
- Council tax band
- Ask Agent
Guide Price: *
£1,000
Fees apply
Buyer's fee:£6,000
All fees include VAT at 20%
Auction Type:
† Traditional
Opening bid:
£500Bid history
0 bidsSummary
- Auction end
- 9th Oct at 22:30
- Property type
- Commercial
- Tenure
- Freehold
- Bedrooms
- -
- Bathrooms
- -
- Council tax band
- Ask Agent
This property is being sold by:
Barney Estates
0208 432 7330
Barney House, 16 Baltimore House, Juniper Drive, Battersea Reach, London, SW18 1TS
†Traditional auction
Exchange occurs at the end of the auction. This means that if the reserve is met or exceeded and the auction timer reaches zero, the successful bidder is legally obliged to pay the purchase price and the seller will be legally obliged to sell the property. To ensure that the successful bidder proceeds, the buyer is automatically charged a holding deposit, which is held in a secure client account, pursuant to the terms of a holding deposit agreement.
* Pricing Information
The Guide Price amount specified is an indication of each seller's minimum expectation. It is not necessarily the amount at which the property will sell. Each property will be offered subject to a Reserve (a figure below which the property will not be sold) which we expect will be set no more than 10% above the Guide Price amount.
Bamboo Proptech and Barney Estates shall not be liable for any inaccuracies in the fees stated on this description page, in the bidding confirmation pop up or in the particulars. Buyers should check the contents of the legal pack and special conditions for accurate information on fees. Where there is a conflict between the fees stated in the particulars, the bid information box above or the bidding confirmation pop up and the contents of the legal pack, the contents of the legal pack shall prevail.
Stamp Duty Land Tax or Land and Buildings Transaction Tax may also apply in some circumstances.
Refreshing the Page
To make sure that you are seeing the latest information for the property, we recommend you refresh the page. This ensures you're seeing live information and not stored (cached) data. If the page disconnects from the Internet, refreshing the page will show the latest information.
Disclaimer
All information relating to this property, including descriptions, pictures and other related information has been provided by Barney Estates. All legal documents in relation to this property have been provided by the Vendor's solicitor. Neither Bamboo Proptech or any individual in employment with Bamboo Proptech makes any warranty as to the accuracy or completeness of any of the property information.
These particulars do not form part of any contract or offer. Buyers should not rely on them as statements of representation and should check that the information is correct by inspection or otherwise. Where there is a conflict between the contents of the legal documents and these particulars, the information contained in the legal documents shall prevail.
Pursuant to the Auctioneer Act 1845, this auction is being conducted by the auctioneer stated above. All participants in this online auction shall note that both the Auctions (Bidding Agreements) Act 1927 and 1969 shall apply.
Where stated in the bid box above, you agree that Bamboo may pre-authorise your card for the amount of the Buyer's fee and Deposit. You will only be charged if you are the winning buyer. We will release the pre-authorisation at the end of the auction. You card issuer may take up to 10 working days for this amount to be available to you in your account.