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Residential Investment, Greenways, Highlands Road, Portslade, BN41 2BS

not specified / Other / Investment

For Sale - £475,000.00

Available - Last updated: 20 December 2022

AccommodationA ground rent investment property, being sold subject to long leases of varying lengths, as follows:

  • 10 apartments with 99 year leases from March 1972
  • 1 apartment with a 99 year lease from March 2002
  • 3 apartments with 125 year leases from March 2002
  • 2 apartments with 125 year leases from March 2012
  • 1 apartment with a 99 year lease from March 2011
  • 1 apartment with a 99 year lease from March 2016
  • 2 apartments with 99 year leases from March 2012
  • 14 apartments with 125 year leases from March 2002
  • 1 apartment with a 125 year lease from March 2007
  • 14 apartments with leases expiring in the year 2161 with peppercorn ground rents

The total current annual ground rent income is £2,619.50

Under the terms of the leases, the freeholder has the right to appoint managing agents and to insure the building. The leases include car parking provisions for leaseholders and there is a covered car park in the grounds of the building.

Location

LocationGreenways is a residential block, comprising 49 self-contained apartments, all sold on long leases. The building was built in the early 1970s and is situated in Portslade, to the west of Brighton & Hove. The Old Shoreham Road (A270) lies to the South, connecting Brighton & Hove to Shoreham in the West. There are several schools in close proximity as well as a Sainsburys superstore within walking distance. Fishersgate railway station, is located within walking distance to the South West, and Portslade railway station to the South East, with direct services to Southampton, Brighton and London.

Terms

This property is to be offered for sale by auction on 26th October 2022 by Nicholas James Auctioneers (nicholasjamesproperty.co.uk) as joint sole selling agents.

The auction guide price is likely to be in the region of £475,000 - £500,000 for the freehold interest

Section 5b Notices have been served on leaseholders who have not served counter notices or reserved their right to purchase at auction

Should a sale be agreed to a buyer prior to the auction date, Section 5a Notices will subsequently be served on the qualifying tenants.

It is considered that there may be potential of further development, subject to planning, either within the grounds of the building or within the air space on the roof of the building. Any enquiries relating to redevelopment potential should be explored by the buyer and referred to the Local Planning Authority.

Legal Costs - Each party is responsible for their own legal fees.

VAT - VAT will not be chargeable on the terms quoted.

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
For Sale For Sale Freehold £475,000.00 NA

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Contact agents

Alex Denning

Graves Son & Pilcher LLP

01273 068302



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