CHARTERED SURVEYORS AUCTIONEERS ESTATE AGENTS VALUERS

Auction Guide Price £35,000 - Available

Clarence Parade, Hampshire

bedroom - Detached
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Description

TO BE SOLD BY PUBLIC AUCTION THURSDAY 21st NOVEMBER 2019.GUIDE PRICE: £35,000+OF INTEREST TO INVESTORS ONLY: THE FREEHOLD GROUND RENT REVERSION held upon a purpose-built Seafront development comprising 10 apartments. Producing £800 p.a., rising to £3,400 p.a.

Palmerston Court is an impressive and imposing five-storey ''mansion'' block occupying a prominent Seafront position directly opposite Southsea Common, a short distance from the junction of Clarence Parade with Palmerston Road. To the rear are generous communal gardens with individual lock-up stores.All ten units have been SOLD, with lease and Ground Rents details as follows:

FLAT 1
125 years from 02/01/1985.
Ground Rent £300 p.a., rising to £1,200 p.a.

FLAT 2
125 years from 02/02/1979.
Ground Rent £100 p.a., rising to £800 p.a.

FLATS 3 & 7
215 years from 02.02.1985.
Ground Rent - Nil.

FLATS 4, 5, 6, & 8
215 years from 02.02.1979.
Ground Rent - Nil.

FLAT 9
125 years from 02.02.1985.
Ground Rent £100 p.a., rising to £200 p.a.

FLAT 10
125 years from 16.11.2018.
Ground Rent £300 p.a., rising to £1,200 p.a.

TOTAL INCOME THUS
£800 p.a., rising to £3,400 p.a.

NOTE
See Auction Legal Pack for copy leases, details of incremental increases in Ground Rent, insurance/maintenance provisions, etc.

AUCTIONEERS
D. M. NESBIT & CO.
(17167/024071)


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Key Contacts

Southsea Office

7 Clarendon Road, Southsea, Portsmouth
Hampshire PO5 2ED

Tel: 023 9286 4321

Robin Evans - Head of Residential Sales
robinevans@nesbits.co.uk

Kim Evans - Senior Negotiator
kimevans@nesbits.co.uk

Hannah Prichard - Sales Assistant
hannah@nesbits.co.uk

Jackie Evans - Sales Assistant
jackie@nesbits.co.uk

Alison Weeden - Secretary
alisonw@nesbits.co.uk

RICS

Nesbit properties are on rightmove