Freehold Ground Rent Investment – Westbourne – For Sale By Auction

Background

Freehold ground rent investment in Westbourne – available for sale by auction. Located in the popular residential area of Westbourne, this attractive purpose-built block contains nine flats, five of which being Flats 2,3,6,7 and 8 remain on their original lease term of 99-years from 1st March 1990. The remaining four have been extended with Flats 4 and 9 on terms of 122-years from March 1990 and Flats 1 and 5 on 189-year terms from the same date.

There is a long lease in place, which facilitates the management of the building but we understand that the freeholder is the beneficiary of any lease extensions.

Tenancy
Further details including copies of all the relevant leases will be available as part of the legal documents.

Guide Price*

£50,000 +fees.

Viewing
External only.

Auctioneer’s Note
Section 5B Notices under the Landlord & Tenant Act 1987 (as amended) have been served and the leaseholders have not reserved their rights under the legislation

For Sale by Auction with Joint Auctioneer – Clive Emson. Bidding live – 29 April 2024. Auction Ends – 1 May 2024. Please see link below for further details:

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at, or contact us on, in order to stay fully informed with the up-to-date information.
Additional fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to

FINANCE ACT 1989

Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction.

IDENTIFICATION

Under Money Laundering Regulations, we are obliged to verify the identity of a proposed Tenant or Purchaser prior to instructing solicitors. This is to help combat fraud and money laundering and the requirements are contained in statute. A letter will be sent to the proposed tenant or purchaser once terms have been agreed.

Code for leasing business premises

Applicants looking to lease a business premises through James and Sons are advised of the existence of the RICS Code for leasing business premises. Furthermore, we recommend that all applicants obtain professional advice from an independent RICS member or other property professional.

IMPORTANT NOTE

These property particulars are intended as general guidance for prospective lessees or purchasers. They do not constitute all or any part of an offer or contract. James and Sons, either for themselves or as agents on behalf of the lessor or vendor give no warranty as to the accuracy of any of the information contained herein. All descriptions, measurements, references to condition and statements as to planning use and permissions or other matter contained in these particulars are given in good faith and are believed to be correct but their accuracy is not guaranteed and should not be relied upon as fact without independent verification. No person in the employment of James and Sons has any authority to make any representations or warranty (verbal or otherwise) in respect of this property and any intending lessee(s) or purchaser(s) should make their own independent enquiry and investigations and inspections to verify the accuracy or otherwise of any information. At no time has any structural or other survey been carried out and no services or appliances have been tested. Interested parties should satisfy themselves as to the structural integrity of the property and the condition and working order of all services, appliances, fixtures and fittings.