A residential ground rent investment. The property comprises the freehold interest of Victoria Court, which is a development of 22 maisonettes that was constructed in the early 2000s. The scheme contains 5 blocks constructed around a central car park area.
Each dwelling is subject to a long leasehold interest for a term of 125 years years from1st July 2006 at current ground rents between £100 to £200 per annum (2 units are also let at a peppercorn rent).
The leases for apartments 1 to 5 provide for rent reviews, with the rent rising to £400 per annum in 2037, with further increases to £600 per annum in 2068 and £800 per annum in 2099. The remainder are subject to fixed ground rents of £100 per annum (excepting 2 let at a peppercorn rent). The current combined gross income is currently £2,500 per annum, rising to £3,500 per annum in 2037. *Please note we are also selling a strip of land at the rear of Victoria Court which is laid out as 15 car parking spaces and this will be sold as a separate Lot. Please refer to Lot 3.
The property lies approximately 0.5mile north of Hinkley town centre. Hinckley lies approximately 13 miles to the south west of Leicester and 14 miles to the north east of Coventry in Leicestershire.
The immediate surrounding area is mixed use with a number of similar apartment schemes, terraced housing and local shops and takeaways. Hinckley town centre provides a range of amenities including ALDI and Sainsbury’s supermarkets, Hinckley leisure centre and Britannia Shopping Centre alongside schools and places of worship. Hinckley Railway Station provides links to Leicester, Derby and Birmingham.
*Please note we are also selling a strip of land at the rear of Victoria Court which is laid out as 15 car parking spaces and this will be sold as a separate Lot. Please refer to Lot 3.
Car park with spaces allocated to each unit.
The units are sold subject to long leasehold interests as follows:
Numbers 1 to 5 : Each has a lease granted for 125 years years from 1st July 2006 at current ground rent of £200 per annum, rising to £400 per annum on 1st July 2037, with further increases to £600 in 2068 and £800 per annum in 2099.
Numbers 9 & 12: Each has a lease granted for 125 years years from 1st July 2006 at a peppercorn rent.
Numbers 6 to 8, 10 & 11 and 13 to 22: Each has a lease granted for 125 years years from 1st July 2006 at a fixed ground rent of £100 per annum.
There will be a Buyer's Administration Fee of £2400 (inc VAT) payable upon exchange of contracts.
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.
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