- 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
Freehold Investment Opportunity, St James Court
Asking Price
£96,000
SSTC
This property listing is now SSTC
Not Specified for sale in Grimsby
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.
Important Information
- This is a Freehold property.
- This property is exempt from EPC Rating
Property Ref: GRS241094
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Jackson Green & Preston (Grimsby)
19 West Saint Marys Gate, Grimsby, Lincolnshire, DN31 1LE
01472 311 113
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