Lot 1 - Jameson House, 15-17 John Street, Sunderland, Sunderland, SR1 1HT
- Unconditional Online Auction Sale
- Guide Price* : £172,500
Addendum
The total rent reserved from the 62 apartments is £16,150 per annum.
- Residential ground rent investment from 62 studio apartments
- Rent £16,150 per annum
- Fixed index linked uplifts
- Convenient location
ON BEHALF OF THE LIQUIDATORS: Freehold ground rent investment comprising income from 62 studio apartments totalling £16,150 per annum with index linked 5 yearly rent reviews (next review date is 2027)
Description
The property comprises a residential ground rent investment, forming the freehold interest to 15-16 John Street, Sunderland(Title No: TY468714) and 17 John Street, Sunderland (Title No: TY364037). 15-16 John Street contains 41 leasehold apartments, whilst 17 John Street contains 21 leasehold apartments. We understand the majority of the studio are let on similar terms for 250 years from 1st January 2017 at an initial ground rent of £250 per annum, albeit there are a few at different levels, with the highest at £300 per annum.
The lessees have NOT elected to take up their rights of pre-emption under the terms of the Landlord and Tenant Act 1987. We understand that the leaseholders have set up a RTM management company Jameson House RTM Company Ltd and their managing agents are Home Management Group (based in Washington).
Location
John Street is situated in Sunderland's city centre and is within walking distance of the main retail core, restaurants and bars and less than 150 metres from the railway station.
Tenure
Freehold.
Tenancies
We understand the units are in the main let on leasehold interests as follows:
250 years from 1st January 2017 at an initial ground rent of £250 per annum, with 5 yearly index linked rent reviews.
Please see the Legal pack for full details and any variances from this.
Buyers Administration Fee
There will be a Buyer's Administration Fee of £2,700 (inc VAT) payable upon exchange of contracts.Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* 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.
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