Block of apartments for sale

Freehold Investment Opportunity, St James Court, Grimsby, N. E. Lincolnshire, DN34

01472 467885

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Key information

Tenure: Freehold

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Property description & features

Tenure: Freehold
Rare opportunity to acquire Freehold Reversionary interest in Grimsby block of flats
Multiple flats leased to long-term leaseholders
Leases commenced on 6th April 1986 with ground rent doubling every 33 years
Initial ground rent of £50 annually for the first 33 years, increasing to £100 for the next 33 years and then £200 for the remainder
Ongoing ground rent income and potential future profits through lease extensions
Some lessees have extended leases to 189 years at a peppercorn rent
A dozen units remain on the residual 99-year terms
Located in an established area with useful amenities and excellent transport links

CALLING ALL INVESTORS-A rare opportunity to acquire a Freehold Reversionary interest in a block of flats in Grimsby, offering an attractive investment proposition. This property features multiple flats, leased to long-term leaseholders. Originally, all leases were of the same length, commencing on 6th April 1986 with ground rent doubling every 33 years, starting at £50 annually for the first 33-year period, increasing to £100 for the subsequent 33 year term, and increasing tot £100 for the final 33 years. The buyer stands to benefit from ongoing ground rent income and potential future profits through lease extension transactions. Noteworthy is that some lessees have already extended their leases to 189 years at a peppercorn rent. While some flats now have extended leases, a dozen units still remain on the residual 99-year terms. Situated in an established location, this property is surrounded by useful amenities and excellent transport links. Don't miss this exclusive investment opportunity. Contact us for more details.

Rooms

Schedule Of Leases
Flat 1 – lease 99 years from 6.4.1986; Ground rent: £50 for first 33 years, £100 from 6.4.2020 and £200 from 6.4.2053 Flat 2 – lease 189 years from 6.4.1986; ground rent reduced to a nil/peppercorn Flat 3 – lease 189 years from 6.4.1986; ground rent reduced to a nil/peppercorn Flat 4 – lease 189 years from 6.4.1986; ground rent reduced to a nil/peppercorn Flat 5 – lease 99 years from 6.4.1986; ground rent: £50 for first 33 years, £100 from 6.4.2020 and £200 from 6.4.2053 Flat 6 – lease 189 years from 6.4.1986; ground rent reduced to a nil/peppercorn Flat 7 - lease 99 years from 6.4.1986; ground rent: £50 for first 33 years, £100 from 6.4.2020 and £200 from 6.4.2053 Flat 8 - lease 99 years from 6.4.1986; ground rent: £50 for first 33 years, £100 from 6.4.2020 and £200 from 6.4.2053 Flat 9 - lease 99 years from 6.4.1986; ground rent: £50 for first 33 years, £100 from 6.4.2020 and £200 from 6.4.2053 Flat 10 - lease 99 years from 6.4.1986; ground rent: £50 for first 33 years, (truncated)

Sources Of Useful Information
Purchasers may find the following websites useful in providing additional information in respect of the property and the immediate surrounding area.

Mortgage Advice
We are pleased to be able to introduce Toni Cressey Mortgage Advisers who we recommend for Independent Mortgage Advice for any of our clients looking to purchase their first home, new home or investment property. They have a team of advisers that are able to help and advise you on the most suitable mortgages available for you taking into account your own particular needs and circumstances. They will help and guide you through the whole mortgage and home buying process, ensuring best advice is given at all times. Buying a new home is one of the most important financial decisions you will make so it is vital that you get the help and advice you need at the earliest opportunity. No fee is charged for this independent mortgage advice, which is provided under no obligation. There may however be a fee payable should you proceed with a mortgage application. The actual amount you pay will depend upon your own circumstances and requirements and typically our application fee will (truncated)

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Places of interest

Jackson Green & Preston - Grimsby

19 West St. Mary's Gate Grimsby DN31 1LE

01472 467885

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Founded in 1920, Jackson Green & Preston is Grimsby and Cleethorpes largest and best known local Estate Agency, with 100 years experience in the property market. In 2011, on the retirement of the Partners in Goudes Chartered Surveyors, we acquired their very successful Lettings and Management Department, reinforcing our position as one of Grimsby's premier Management Agents. In 2016, following the retirement of the principal of Bacons Property Management, we were again approached and offered the opportunity to further enhance our position as Grimsby’s leading lettings specialist by acquiring Bacons Property Management. We have two offices, both situated in Town centre locations, each having excellent window displays. Well laid out and smartly furnished, the offices have a warm and welcoming atmosphere, and our friendly staff are always on hand to offer assistance and advice.

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