1-192 Norbiton Hall, Birkenhead Avenue, Kingston upon Thames, Surrey, KT2 6RU

Freehold Ground Rents and Porters Flat

Description

In Same Ownership for approximately 38 Years

Royal Borough of Kingston upon Thames

Situated off London Road in this popular residential area, close to the shopping/travelling facilities available in Kingston Town Centre including Kingston Rail Station. Hampton Court Park is also nearby.

Freehold Ground Rents amounting to £7,870 per annum derived from One Hundred and Ninety One Flats. In addition there is a Porters Flat 10 which is let at £17,500 Per Annum.

There is a single storey building on the site which consists of 24 internal parking spaces. There are also 4 garages on site. These all sit within the freehold. Of the internal spaces, 12 are let, 12 are currently Vacant + 1 of the 4 garages is let & 3 are Vacant, producing an additional £4,810 in annual income than is currently being advertised.

Note: The managing agents have confirmed 12 additional spaces are vacant. The auctioneers have not inspected.

Producing a Total Income of £30,180 Per Annum

Note 1: There are Eighteen leases with valuable reversions in approximately 53 years. One of which is in the process of a statutory lease extension (Flat 172). This is unlikely to complete before the auction and the purchaser will benefit from that lease extension premium.

Note 2: There are Twenty One leases with valuable reversion in approximately 79 years. One is subject to a lease extension, which is likely to complete before the sale (Flat 16).

Note 3: There is One lease with a valuable reversion in approximately 83 years.

Note 4: Flat 10 (Porter’s Flat) is a Two Bedroom Unit.

Note 5: A Full Ground Rent Schedule is available within the Legal Pack.

Additional Information:

16 Norbiton Hall – 79 year lease - £60 Ground Rent – Informal lease extension agreed at £13,050, due to complete imminently.

172 Norbiton Hall – 53 year lease - £60 Ground Rent – Statutory lease extension valued at £72,200 – in negotiations .

2 Norbiton Hall – 79 year lease - £60 Ground Rent – Informal lease extension completed at £22,500 16/02/2021.

1 Norbiton Hall – 54 year lease - £60 Ground Rent – Statutory lease extension completed at £55,500 20/11/2020.

144 Norbiton Hall – 54 year lease - £60 Ground Rent – Statutory lease extension completed at £55,000 17/07/2020.

173 Norbiton Hall – An agreement has just been reached agreement on the lease extension at flat 172, at £62,200. The buyer will get the benefit of this premium once completed.

In accordance with Section 5(B) of the Landlord and Tenant Act 1987 notices have been served on the lessees. The lessees have not reserved their right of first refusal