88-92 Turners Hill Cheshunt, Waltham Cross, Hertfordshire, EN8 8LQ
Unconditional Online Auction Sale
Auction Ended 2/5/2025 3:00:00 PM
A Freehold Ground Rent Investment Secured Upon a Semi Detached Building Arranged to Provide Two Ground Floor Shops and Twelve Flats on the First and Second Floors All Sold Off on Long Leases Producing a Combined Ground Rent of £2,700 Per Annum
Description
The property comprises a semi detached building arranged to provide two ground floor shops and twelve flats on the first and second floors (8 x one bedroom, 4 x two bedrooms).
Location
The property is situated on a mixed use road close to local shops and amenities. Transport links are provided by Cheshunt overground and rail stations.
Accommodation
Ground Floor
Two Shops
First Floor
3 x One Bedroom Flats
3 x Two Bedroom Flats
Second Floor
5 x One Bedroom Flats
1 x Two Bedroom Flat
Tenancy
The ground floor shops are subject to one 999 year lease from 9th February 2021 at a peppercorn ground rent.
All twelve flats are subject to 125 year leases from 1st May 2019.
The one bedroom flats (1, 4, 5, 7, 9, 10, 11 & 12) are at a ground rent of £200 per annum with an RPI linked increase every 25 years.
The two bedroom flats (2, 3, 6 & 8) are at a ground rent of £275 per annum with an RPI linked increase every 25 years.
We understand from the vendor that they are in the process of extending the leases on flats 4, 8 & 11 to 999 year leases. The ground rents will remain the same as above,
Note
A Ground Rent is a nominal annual rent paid by the leaseholder to the freeholder. When you purchase a ground rent investment you are purchasing the rights to the ground rent income, not the flats themselves. When the lease terms become low, the freeholder can charge each lessee a premium for extending their lease. Further income can be derived when the freeholder has the right to manage and insure the building.
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- Administration charge: £1,500 including VAT unless otherwise stated in the addendum.
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- Guides are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve ( a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
- Particulars including images and video tours on the website and within the catalogue are believed to be correct but their accuracy is not guaranteed. The auctioneers will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. The auctioneers nor their clients can be held responsible for any losses, damages, or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction. Viewings are carried out by third party agents and we will endeavour to give appropriate notice should the published viewing time change. Auction House London will not be liable for any costs or losses incurred due to viewing cancellations or no shows. Information relating to Rating matters has been obtained by verbal enquiry only. Prospective purchasers are advised to make their own enquiries of the appropriate authorities. Prospective purchasers are deemed to verify for themselves whether tenanted properties are occupied and rents are being paid. All measurements, areas and distances are approximate only. Potential buyers are advised to check them. No representation or warranty is made in respect to the structure of any properties nor in relation to their state of repair. Prospective buyers should arrange for a survey of the particular lot by a professionally qualified person.
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