Freehold Ground Rent Investment with Penthouse Development Consent & Potential Marriage Value Premiums.
- 32 purpose built two bedroom flats in 2 blocks built in the1960's
- On a 0.97 acre site
- Planning consent granted for 4 penthouse flats 2 x 2 bed (997 sq ft each) & 2 x 3 bed (1,109 sq ft each) plus wrap around terraces
- Ground Rent income of £1,250 pa
- 1 Regulated Tenancy producing £10,644.49 pa
- 2 leases with 62.75 years unexpired having "Marriage Value" potential and 2 with under 100 years unexpired
- Offers are invited in excess of £1.5million, subject to contract
The property has a prominent frontage to Stanhope Road on a large rectangular shaped site which extends to just under 1 acre.
The property is situated in a high valued residential area close to Highgate Underground Station where there is an excellent service into central London. Stanhope Road is off Shepherds Hill which is known for its panoramic views across London and Highgate Village is within walking distance. Local shops are available in Archway Road and Crouch End is within a quarter of a mile. The property comes within the Couch End Conservation Area.
Description and Accommodation
The property comprises two purpose built blocks of self-contained flats on four floors, constructed in the 1960's. The blocks are of traditional construction with external cavity walls, solid floors and have flat roofs. All the flats have two bedrooms, living room, kitchen and bathroom and have gross internal floor areas of between 750 sq ft and 850 sq ft. There is a lift in each block and good on-site parking.
Planning Consent for Penthouses
Planning consent was granted on the 8th February 2017 for a "roof extension to two identical apartment blocks to create a total of 4 new units". The consent is subject to a number of conditions. There is a Mayoral CIL charge of £19,809.27 and a Haringey CIL Charge of £128,627.84 which will become payable after the scheme is implemented. The development must start before February 2020.
The property is held freehold
There is a Residential Management Limited Company
Available upon request
Schedule of Tenancies
Please contact Davis Brown for a full Schedule of Tenancies
Method of Sale
Davis Brown are instructed as sole agents to invest best unconditional offers for the freehold interest. Any offer will be subject to serving a Section 5A Notice of the Landlord and Tenant Act 1987 on the lessees giving them the right of first refusal.
Offers are to be received at the offices of Davis Brown by 12noon on Friday 16th February 2018.
Bids are to be delivered by email, post or personal delivery on the "tender form (available from the agents).
Each party to pay for their own legal costs
Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)
SUBJECT TO CONTRACT