SoldFreehold Ground Rents and Lock Up Garages - Investment For Sale

This underdeveloped 0.82 acre highly reversionary freehold property investment comprises:

- Sixteen two bedroom flats (each of c. 750-800 sq ft), sold off on long leases. When the freehold is sold, four of the flats will have less than sixty years unexpired and one will have less then seventy years unexpired.

- Two batteries of garages providing a total of fifteen units, of which three are let, ten are vacant and two in the southernmost battery have been sold off.

- An electricity sub-station where the tenant the Southern Electricity Board is holding over on a lease which expired in 2006, paying £5 pa.

The property includes space to park 12-13 cars - while the occupiers of the flats appear to have used these spaces for some time no car parking rights are included within the leases.

The current income is £2,730 pa.

A full schedule summarising the leases, tenancies and rental income can be downloaded.

The property has development potential: an additional floor could be added, subject to planning permission.

Alternatively, the property could be comprehensively redeveloped: greater densities are now permitted compared to when the block was built in the early 1970s. By way of example, immediately to the east a site which previously comprised six detached houses has given way to a scheme of seventeen townhouses. This scheme known Claremont, Beechcroft Close has just been completed by Bellway. Clearly, the redevelopment potential can only be released though cooperation with the leaseholders of the flats who we understand have expressed willingness to enter into a dialogue about this.