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Lot 3 Sold £199,000

Auction: Thursday 17th September 2020

St Andrews Court, 1 Scotland Green & 624 High Road, Tottenham, London N17 9GT

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Lot 3

Freehold Residential Ground Rent Investment

By order of an LPA Receiver

4 Week Completion

Situation

Located near to the junction with Lordship Lane and being approx. ¼ mile from the multiple shopping facilities further along High Road and Bruce Grove Overground Station.
The new Tottenham Hotspur Football Stadium is located approx. ½ mile to the north adding to the area's regeneration.
Tottenham is a busy residential and commercial area lying approx. 8 miles north of central London.

PROPERTY & ACCOMMODATION¹

A modern attractive corner property built circa 2012/13 comprising:
• 42 Self-Contained Flats planned on ground, first, second and third floors together with a gated onsite car park.
• A Ground Floor Commercial Unit.

¹Not inspected by Barnett Ross

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring head lease to One Housing Group Limited for a term of 250 years from 22nd March 2012 at a current rent of £8,525 per annum exclusive doubling every 25 years (see Notes 1 & 2).

Note 1: In accordance with their head lease, One Housing Group currently pay the ground rent to the Freeholder in respect of 30 flats in the building and a breakdown of the ground rent calculation is available in the legal pack. Refer to ‘Note 2' below regarding the ground rent for the remaining 12 flats.

Note 2: In accordance with the head lease to One Housing Group, whilst any flat is designated by the local planning authority as Affordable Rented Housing, Social Rented Housing or Intermediate Rented Housing the ground rent for such a flat shall be one peppercorn. In addition, the head lease also states that whilst any flat is in Shared Ownership, ground rent becomes payable when the lessee of such a flat has acquired a 100% equity share in the lease of their flat.
12 of the flats currently fall within one of these categories so there is potential for the total ground rent to increase in the future.

Note 3: The commercial unit has been sublet for a term of 250 years (less 1 day) from 22nd March 2012 at a peppercorn ground rent.

Enquire about this lot:

Photo of Steven Grossman

Steven Grossman
020 8492 9449
sgrossman@barnettross.co.uk

Photo of John Barnett

John Barnett
020 8492 9449
jbarnett@barnettross.co.uk

*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.