GROUND RENT INVESTMENT - Eaton Court

Grimsby, DN34 4UD

Buy £90,000

GROUND RENT INVESTMENT

Generating an income of £1,800 p.a

The lessees have elected to not take up their rights of pre-emption

Ten of the leases have less than 57 years remaining

Potential to increase ground rents in 2048

Download property details

The town of Grimsby forms part of the larger Grimsby and Cleethorpes conurbation with a population of approximately 88,250. The town is situated approximately 27 miles east of Scunthorpe and 32 miles south-east of Kingston-Upon-Hull. In recent years, Grimsby has experienced considerable investment following the large offshore wind farm projects with further investment anticipated following the establishment of the Renewable Energy Centre at the Grimsby Institute for Further Education and proposed phase 2 of the Hornsea Project. Eaton Court is a cul-de-sac found off Augusta Street in a well regarded and much sought after residential area. The property is within close proximity of the town centre with its variety of amenities and facilities including the railway/bus stations. The Wheatsheaf public house, Millfield’s Hotel, Grimsby Institute and Peoples Park are all nearby.

Description

The property comprises a three storey purpose built block constructed in the 1980s. The building provides 20 flats which are accessed from four independent entrances, leading to the hallways and stairwells, all of which form part of the common areas. The site benefits from a block paved drive to the front and well maintained, landscaped gardens to the rear.

Accommodation

Flat Number

Commencement

Expiry

Annual Rent

1

15 October 2021

05 April 2171

A peppercorn, if demanded

2

06 April 1982

05 April 2081

£180

3

21 August 2015

05 April 2171

A peppercorn, if demanded

4

06 April 1982

05 April 2081

£180

5

28 September 2021

05 April 2171

A peppercorn, if demanded

6

18 November 2016

05 April 2171

A peppercorn, if demanded

7

06 March 2019

05 April 2171

A peppercorn, if demanded

8

11 May 2020

05 April 2171

A peppercorn, if demanded

9

06 April 1982

05 April 2081

£180

10

18 November 2016

05 April 2171

A peppercorn, if demanded

11

06 April 1982

05 April 2081

£180

12

06 April 1982

05 April 2081

£180

13

06 April 1982

05 April 2081

£180

14

06 April 1982

05 April 2081

£180

15

06 April 1982

05 April 2081

£180

16

22 August 2019

05 April 2171

A peppercorn, if demanded

17

17 June 2022

05 April 2171

A peppercorn, if demanded

18

06 April 1982

05 April 2081

£180

19

29 January 2016

05 April 2171

A peppercorn, if demanded

20

06 April 1982

05 April 2081

£180

Terms

The freeholder insures the building and implements a service charge which we are both fully recoverable from the leaseholders. Ten of the leases have been extended to April 2171 with the remaining ten having circa 57 years unexpired providing an opportunity to seek a premium should a leaseholder wish to extend their lease. This investment currently generates £1,800 per annum with the potential to increase the ground rents at rent review in 2048. The projected service charge levied against each leaseholder for the period 6th April 2024 to 5th April 2025 is in the sum of £1,900 per annum.

Property Enquiry

GROUND RENT INVESTMENT - Eaton Court

GROUND RENT INVESTMENT - Eaton Court