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Wallasey Ground Rent Investment for Sale

Wellington Road, Wallasey, CH45 2NG
Property type: Land, Flat, Residential Land, Commercial Land, Residential
Location: Wellington Road, Wallasey, CH45 2NG
Total Income of £13,790 p.a. rising

Offers in excess of £425,000

• 78 Flats in one large purpose-built block

• 43 Flat Leases for a term of 99 years from 29 September 1978 currently paying a ground rent of £2,300 p.a. increasing to £4,500 p.a. on 29 September 2028, and to £8,700 p.a. on 29 September 2053.

• 33 Flat Leases for a term of 250 years from 1 November 2007, currently paying a total ground rent of £4,750 p.a., increasing by £4,750 every 25 years, and fixed at £28,500 from 1 November 2132 for the last 125 years

• 1 Flat Lease (Flat B) for a term of 175 years from 29 September 1978 at a ground rent of £120 p.a. for the first 50 years, increasing by £120 every 25 years thereafter

• 1 Flat subject to a Rent Act Protected Tenancy (Flat 402), currently achieving £6,620 p.a. with potential to sub-divide to form 2 units (draft plans in legal pack), subject to vacant possession

• Potential for further development

• Additional area of land c. 350 sqm on corner of Wellington Road and Portland Road,

• Maintenance and insurance is performed by a Management Company. Managing Agents are appointed

• Section 5 Notices have not been served
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