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Merchant Gate, Riverside Square, Bedford, MK40 1AS



Unsold
Unsold
Guide price

£195,000


Property Type

Investment


Key Features

  • Sale of head lease relating to 46 apartments
  • Net income reported to be £13,450
  • Part of a mixed use Riverside development

Part of the 18 June 2019 auction
Nottingham Racecourse at 2.30PM

Ground Rent Investment: Sale of Head Lease relating to 46 apartments. Net income reported to be £13,450

  • Part of a mixed use Riverside Development
  • Town Centre location
  • Scheme includes Wagamama, Zizzi & Mexico
  • Head lease of 46 apartments
  • 16 x 1 beds, 28 x 2 beds, 2 x 3 beds
  • Ground rent income total £17,700
  • £4,250 payable annually to Freeholder
  • Combined annual net ground rent income: £13,450
  • 43 x flats first review at 10 years to RPI
  • Reviews (of 43 flats) every 25 years to RPI
  • 3 x flats at 25 yearly review mechanisms
  • 46 leases granted on 250 less 3 days terms from April 2015
  • 36 Parking spaces (located above ground at rear of the block)

This is a ground rent investment only no viewings will be conducted.

Fees

A buyer's premium of £1,440 inc VAT (£720 inc VAT if the sale price is less than £10,000) is applicable to each lot purchased. The Seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of sale. Buyers are deemed to bid in full knowledge of this.

Guide Prices and Reserve Prices

Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.

Conditions of Sale

The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.

The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.

Long leasehold - refer to legal pack.

Email: paul.hinett@clarkewillmott.com
Telephone: 0345 209 1613

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