G041: Rest Bay, Porthcawl, Glamorgan, Wales CF36

THE ORIGINAL DEVELOPER IS OUR VENDOR

 

Seventy Apartments in a SPECTACULAR Development

 

sold on 250-year Leases from 25th March 2019

at a combined (rising) ground rent of £ 16,165 per annum

 

being 0.1% or less of the recent Sale Value of each Demise

The Ground Rents will next be reviewed in 2044 and THEN EVERY TWENTY-FIVE YEARS THEREAFTER to RPI

Thirty-five converted, thirty-five new build, seven Rents at a peppercorn.

 

The Landlord Insures and recovers all costs AS ADDITIONAL RENT

Sum Insured: £26,373,351. Premium: £34,216.12. Renewal Date: 12th December 2023.

(renewal docs on the way!!)

A Lessee owned Management Company Manages the Estate.

 

The Landlord owns everything above the ceilings, below the floors and the building envelope,

and can Develop as they see fit.

 

The Lessees cannot alter their premises without the written consent of the Landlord.

 

Section V Notices have been served and the Lessees did not respond within the statutory time limit.

 

INVITING OFFERS with a GUIDE PRICE of £230,000

 

Copy documents held:

Draft Leases.

Sale Price/Ground Rent Schedule.

Insurance Summary of Cover.

Section V Notices.

 

Original Developer Selling

 

Guide Price: £310,000