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Lot 21 Click here for addendum

By order of the Liquidator of Intermarblue AG

2 month completion

Situation

In one of the most sought after residential locations in central London in close proximity to Marylebone High Street, Oxford Street, Regent Street, Cavendish Square and Regent's Park.

Property

A magnificent Grade II listed block of 49 flats and 4 medical units built in 1922 in classic style with front elevations in Portland Stone planned on lower ground, ground and 6 upper floors. The sizes of the flats range from 672 sq ft to 2,506 sq ft.
There is an elegant entrance hall with marble lobby, porter's desk, 2 passenger lifts and 2 service lifts.

VAT is NOT applicable to this Lot

Tenure
Leasehold for a term of 75 years from 24th June 1985 (thus having approx. 42 years unexpired) at a ground rent of £20,900 p.a. rising to £41,800 p.a. in 2025 and then rising to £83,600 p.a. in 2045.

Tenancies
The current ground rent receivable from the flat lessees currently totals £10,450 p.a. rising to £24,833 p.a. in 2025 and then £45,533 p.a. in 2045.

Note 1: Schedule available from Auctioneers.

Note 2: We understand that there are a number of vaults which may be possible to sell to residents subject to any Freeholder's consent that may be required.

Note 3: Since February 2015 there have been 7 lease extensions with premiums totalling £132,138.

Note 4: Section 42 Notices have been served by Flat 36 (Agreed 23/04/18 at £38,167), Flat 55 (At £9,700) and Flat 44 (Section 45 served at £5,450). The final Addendum before the Auction Sale will update the latest position regarding the above on who will receive the benefit of the premiums.

Note 5: The building is managed by 2 Mansfield Street Residents Association with 100% service charge recovery.

Note 6: Recent sales in the block according to Rightmove include:
• Flat 41 sold for £3,380,000 in November 2017
• Flat 36 sold for £2,600,000 in September 2017
• Flat 23 sold for £4,200,000 in March 2017
• Flat 33 sold for £4,950,000 in January 2017
• Flat 30 sold for £3,430,000 in May 2016

Note 7: In accordance with s. 5B of the Landlord & Tenant Act 1987, Notices have been served on the lessees and they have not reserved their rights of first refusal. This lot cannot be sold prior to the auction.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

2 Mansfield Street and 4 Queen Anne Street, London W1G 9NF