About this property
Key Features
Freehold subject to long leases
RPI linked increases
Producing current rental income of £1,600 per annum
Freehold ground rent investment opportunity
Description
A good opportunity to purchase a ground rent investment, in the popular Suffolk village of Elmswell.
The ground rent investment comprises a development of 16 leasehold units which were completed in 2007, known as White House Barns. The units are let on a 999 head lease from 1st January 2005 to White Barns Residents Company Limited. The lease generates a current annual ground rent of £1,600.
The yearly rent is £100 per unit for the first 25years of the term, and subsequently on each successive 25 year anniversary, the rent will be increased by the percentage increase of the retail price index, thereby offering potential for increased income.
It is understood that the head leasee has total responsibility for maintenance and insurance obligations.
Tenure
Freehold subject to long leases
Location
The property is located on the north side of the picturesque village of Elmswell, approximately 17km (10.5miles) east of Bury St Edmunds and 9km (5.8miles) north west of Stowmarket, Suffolk.
Elmswell is well served with 2 pubs, several shops and a primary school. The village is well connected with junction 47 of the A14 located 2.3km (1.4m) to the south of the property. Elmswell railway station is located 550m (0.3miles) to the south of the property.
Wayleaves, Easements, Covenants and Rights of Way
The land is sold subject to and with the benefit of any wayleaves, easements, covenants and rights-of-way that may exist. See legal pack.
Lot Type
Commercial
Legal Packs
www.cheffins.co.uk/auctions/property-auctions or Dawn Crisp at Haywards Solicitors, 7-9 Tavern Street, Stowmarket, Suffolk, IP14 1PJ
Viewing
Cheffins Property Auction Dept 01223 213777
Important notes
*Guide prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set up to or within the Guide Range or no more than 10% above a single figure Guide. The reserve price will remain confidential between the seller and the auctioneer.
Fees: The guide price excludes any additional fees that the purchaser may incur, to include, but not limited to, Buyers Contract fee, Stamp Duty Land Tax, VAT, legal and search fees etc. Please refer to relevant Auction Legal Packs for details.�