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
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
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