Lot 01 - Miller Heights, 43-51 Lower Stone Street, Maidstone, ME15 6LX
- Unconditional Online Auction Sale
- Guide Price* : £303,188
Freehold ground rent investment secured upon 122 self-contained apartments in town centre location producing £28,875 per annum (rising to £54,725 p.a. in 14 years).
Ground Rent Terms
| No. of Units | Lease Term | Ground Rent | Review |
|---|---|---|---|
| 109 | 125 years from 01/01/15 | £25,850 | Doubling every 20 years |
| 11 | 125 years from 01/01/15 | £2,525 | Doubling every 50 years |
| 2 | 125 years from 01/01/15 | £500 | Linked to RPI - 1st review in 2025 |
Description
Situation & Description
Freehold ground rent investment being secured upon 122 self-contained apartments in total, each flat is held on a 125 year lease from 1st January 2015 at a total ground rent of:
Investment producing £28,875 per annum (rising to £54,725 per annum in 14 years) with freeholder to manage and insure.
Miller Heights is located a short distance from The Mall Shopping Centre in Maidstone town centre with nearby shops including; Sainsbury's, Starbucks, HSBC and Santander as well as being within close proximity to Maidstone West train station with excellent transport links to the M20 and M2 motorways.
Auctioneer's Note
Section 5B Notices have been served and the leaseholders have not reserved their right.
Auction Details
The lot is to be sold by online auction on Wednesday 10th March at 4pm (bidding opens on Tuesday 9th March at 12pm)
All interested parties who wish to bid, please contact My Auction on 0207 101 4868
Please note that a Buyer’s Premium of 1.2% inc.VAT of the purchase price is to be paid by the successful Buyer subject to a minimum fee of £2,400 (inc of VAT).
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Sold for £303,188
This auction is now closed.
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