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Lot 4

Freehold Ground Rent Investment with 7 Valuable Reversions
In same ownership for over 30 years

Situation

Located in this cul-de-sac off Queensland Drive, with the benefit of pedestrian access from Mersea Road and conveniently situated less than 2 miles south of Colchester Town Centre.
Colchester lies on the main A12 between Chelmsford and Ipswich enjoying excellent road links with the M25 (Junction 28) whilst being only 28 miles from the Port of Felixstowe.

Property

A purpose built residential block comprising 12 Self-Contained Flats planned on the ground and first floors, with mainly uPVC windows and doors. In addition, the property includes communal gardens.

VAT is NOT applicable to this Lot

FREEHOLD

Note 1: In accordance with s5B 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.

Note 2: The property is managed by Kavana Flat Management Company Ltd.

Note 3: According to Zoopla the most recent sale in the block was Flat 9 which sold for £132,000 in May 2020.

Note 4: The Lease of Flat 8 (which had an unexpired term of approx. 54 years) was extended in May 2020 for a premium of £12,000.

Note 5: There is a 6 Week Completion.

*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.

Maryland Court, Brisbane Way, Colchester, Essex CO2 8XH