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Ref: GRS_GRS241094
About the property
CALLING ALL INVESTORS. An exceptional chance to secure a Freehold Reversionary Interest in a block of apartments in Grimsby. All flats are leased to long leaseholders originally all with 99-year leases from 6/4/1986. Ground rent doubles every 33 years, starting at £50 p.a. for the first 33 years, increasing to £100 p.a. for the next 33 years, and remaining at £100 p.a. for the final 33 years. This investment opportunity promises stable rental income and potential profit from lease extensions. Some leaseholders have already extended to 189 years at a peppercorn rent, while 12 flats remain on the original 99-year leases. Explore this lucrative investment prospect now. Read more
Important Information
- This is a Freehold property.
- The review period for the ground rent on this property is every 1 year
- This property is exempt from EPC Rating
Property at a glance
- Rare opportunity to acquire Freehold Reversionary interest in Grimsby block of flats
- Multiple flats leased to long-term leaseholders
- Leases commenced on 6th April 1986 with ground rent doubling every 33 years
- Initial ground rent of £50 annually for the first 33 years, increasing to £100 for the next 33 years and then £200 for the remainder
- Ongoing ground rent income and potential future profits through lease extensions
- Some lessees have extended leases to 189 years at a peppercorn rent
- A dozen units remain on the residual 99-year terms
- Located in an established area with useful amenities and excellent transport links
Contact agent
Contact agent
Jackson Green & Preston
19 West Saint Marys Gate
Grimsby
Lincolnshire
DN31 1LE
United Kingdom
enquiries@jacksongreenpreston.co.ukProperty Photos