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Lot 6

Freehold Ground Rent Investment with 40 Valuable Reversions
In same ownership for over 28 years

Situation

Located in this cul-de-sac close to the junction with Twyford Avenue, within close walking distance of the commercial centre at North End and approximately ¾ of a mile north of Portsmouth City Centre.
Portsmouth is a densely populated city which lies approximately 70 miles south-west of London enjoying excellent road links via the A3(M) and the M27 (Junction 12).
The city is famous for its naval links and is a major tourist attraction and Port with regular services to the Isle of Wight.

Property

A former Church converted in to 46 Self-Contained Retirement Flats. The facilities at Rudmore Court include a residents' lounge, a laundry room and communal gardens. The property also includes a Garage.

VAT is NOT applicable to this Lot

FREEHOLD

Note 1: Whenever a Flat in Rudmore Court (excluding Flat No. 46) is sold 1% of the Sale Price is payable to the Freeholder. In 2020 Flat 2 sold for £55,000 and Flat 16 sold for £57,500 and the Freeholders received premiums of £550 and £575 respectively.

Note 2: 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 3: With 9 years to go to the next Rent Review and based on the RPI figure for March 2010, the Ground Rent would already increase from £327.50 to £456.61 per flat as of today.

Note 4: The Lessees manage and insure the Property under Right to Manage.

Note 5: The Lease of Flat 20 was extended in September 2015 by 90 years for a premium of £11,500 (plus costs). The Lease of Flat 44 was extended in July 2018 by 90 years for a premium of £8,000 (plus costs) with the Ground Rent remaining at £327.50 p.a. subject to further RPI Reviews.

Note 6: Occupants of the Flats must be 60 years of age or older.

Note 7: It is believed that the Flats at Rudmore Court are a mixture of 1 and 2 Bedroom Flats, with the majority being 1 Bedroom Flats.

Note 8: 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.

Rudmore Court, Simpson Road, Portsmouth, Hampshire PO2 8SS