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Lot 3

Freehold Ground Rent Investment with 13 Valuable Reversions
In same ownership for over 38 years

Situation

Located in this cul-de-sac off Russell Street close to its junction with Tilehurst Road, within walking distance of Reading Town Centre and less than a mile from Reading Station (National Rail).
Reading is located some 40 miles west of central London and is the major commercial and administrative centre for the prosperous Thames Valley enjoying easy access to the M4 (Junctions 10 & 11).

Property

A purpose built residential development comprising 24 Self-Contained Flats planned on the ground, first and second floors. In addition the property includes 5 Parking Spaces and communal gardens.

VAT is NOT applicable to this Lot

FREEHOLD

Note 1: Whenever a flat in Epping Close is sold the Ground Rent rises in the same proportion to any increase in the premium paid since the last previous sale. This does not apply to Flat 25 where the ground rent has been extinguished.

Note 2: There may be potential to add additional flats in/on the roofs, subject to obtaining the necessary consents.

Note 3: 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 4: The Freeholder insures. Current sum insured £4,700,000. Current premium is £8,479.31.

Note 5: According to Zoopla Flat 24 sold for £225,000 in August 2018.

Note 6: The Lease of Flat 25 was extended in March 2021 for a new term of 990 years from 1st May 1980 with the extinguishment of the ground rent for a premium of £30,898.60.

Note 7: 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.

Epping Close, Russell Street, Reading, Berkshire RG1 7YD