Land for sale

Freehold For Sale for Eleven Apartments and Vacant Gym with Development in Herne Bay, Kent CT6 5JP Guide Price 60,000 * Buyers Premium Applies For sale by unconditional online auction. 28th April 2022. Auction venue: This Auction Will Be Held Online - Starts 10am - 28th April 2022 - Registration Now Open . To review the legal documents and to view the auction information click on the buttons at the bottom of this advert or visit our website tcpa.co.uk Town & Country Property Auctions are delighted to offer for sale the freehold of Eleven Apartments and one vacant gym and one vacant storage room in a converter Grade II Listed Hotel. The seven eleven flats where sold on 125 year Leases from 1st January 2006 at a combined (rising) ground rent of 1,375 per annum. The Ground rents rise every 25 years with the next Review in Ten Years. The Gym: 920 sq. ft. Tanked out and decorated. Development Potential for a 2/3 bed Apartment or A1/A2 Commercial Unit with a Rental Value of circa 12,000 per annum. The Storage Room: 85 sq.ft. with a Rental Value of circa 420 per annum. A Right to Manage Company has been in place since 2013 Managing and Insuring the Development. The Landlord owns everything above the ceilings, below the floors and the building envelope and can Develop as they see fit. Lessees cannot alter their premises without the written consent of the Landlord. One Lessee owns four of the Apartments therefore the lessees are not entitled to collectively enfranchise. All the leases are defective so all lessees require deeds of variation in order to sell or transfer their apartments. The lessees have no rights in common to the gym area and the gym area has been legally removed from the common parts so the Landlord is free to utilise this area as the Landlord wishes. Section V Notices have been served. The lessees have not reserved their position. UNCONDITIONAL LOT Buyers Premium Applies Upon the fall of the hammer, the Purchaser shall pay a deposit and a 2,000+VAT) buyers premium and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot. The auction conditions require a full legal completion 28 days following the auction (unless otherwise stated). Special Conditions