Mark House, 14-16 Wake Green Road, Moseley, Birmingham, B13 9HA

Ground rent investment in Moseley

Guide price*

£200,000+

Plus fees

Unsold

Lot 89 Garages & Ground Rents
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Auction details:

Wednesday 31st March 2021 @ 08:30AM

A Freehold Ground Rent Investment Total Gross Income: £1,886.26 pa.

Property Description

The ground rents are secured on 3 purpose built blocks of flats comprising 26 two bedroom flats, together with garages.

Location

Mark House occupies a prominent position on Wake Green Road, close to the junction of Anderton Park Road.

Tenure

Freehold

Planning

There is an additional permitted development potential to add up to two further storeys to each block, subject to obtaining the necessary planning consents.

Auctioneers Note

Please note offers may be considered prior to the Auction Sale.

Auctioneer's Note

Notices under Section of Landlord & Tenant Act 1987 have been served on all qualifying Lessees and the Lessees have not elected to take up their rights.
Please note that the completion date will be 24th June 2021 and not the usual 28 days.

Remote Bidding Auction

This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.

Lease Details

The majority of the Leases on the flats were created circa. 1961 for a term of 99 years. The ground rent vary, some are fixed for a period of the Lease, however others increase every 25 years as per the table below.
Flat No. Lease Term Approx. Reversion
1 99 years from December 1961 subject to a ground rent of £30.76 per annum. Reversion 39 years.
2 140 years from December 1961, subject to a round rent of £120 per annum, double every 25 years, £240 pa. from December 2035, £480 pa. from December 2061 and £960 pa. for the remainder of the term. Reversion 80 years.
3 99 years from December 1961, subject to a ground rent of £28 per annum. Reversion 39 years.
4 99 years from December 1961, subject to a ground rent of £23 per annum. Reversion 39 years.
5 145 years from 29th September 2005, subject to a ground rent of £50 per annum, doubling every 25 years up to £1,600 for remainder of the term. Reversion 129 years.
6 99 years from 2001, subject to a ground rent of £100 per annum. Reversion 79 years.
7 198 years from 25th December 1961, subject to a ground rent of £50 per annum. Reversion 138 years.
8 99 years from 25th December 1961, subject to a ground rent of £23 per annum. Reversion 39 years.
9 143 years from 25th December 2007, subject to a ground rent of £120 per annum for the first 25 years, £240 pa. from 2032, £480 pa. from 2057, £960 pa. from 2082, £1,920 pa. from 2107 and £3,940 pa. for the remainder of the term. Reversion 111 years.
10 Lease expiring 24th December 2150, subject to a ground rent of £50 per annum. Reversion 129 years.
11 Lease expiring 24th December 2150, subject to a ground rent of £120 per annum, doubling every 25 years, with a rent review in 2032. Reversion 129 years.
12 200 years from 1st September 2020, subject to a peppercorn ground rent. Reversion 199 years.
13 99 years from December 1961, subject to a ground rent of £23 per annum. Reversion 39 years.
14 Lease expiring 24th December 2150, subject to a ground rent of £100 per annum. Reversion 129 years.
15 Lease expiring 24th December 2150, subject to a ground rent of £25.50 per annum. Reversion 129 years.
16 Lease expiring 24th Decmber 2150, subject to a ground rent of £120 per annum, doubling every 25 years, with a rent review in 2042. Reversion 129 years.
17 Lease expiring 24th December 2150, subject to a ground rent of £100 per annum. Reversion 129 years.
18 99 years from December 1961, subject to a ground rent of £28 per annum. Reversion 39 years.
19 99 years from 7th November 2002, subject to a ground rent of £100 per annum. Reversion 80 years.
20 125 years from 2005, subject to a ground rent of £75 per annum, doubling every 25 years up to £1,200 pa. for the remainder of the term. Reversion 109 years.
21 99 years from April 2006, subject to a ground rent of £100 per annum. Reversion 84 years.
22 99 years from May 2005, subject to a ground rent of £100 per annum. Reversion 83 years.
23 Lease expiring 24th December 2150, subject to a ground rent of £100 per annum. Reversion 129 years.
24 Lease expiring 24th December 2150, subject to a ground rent of £100 per annum, doubling every 25 years. Reversion 129 years.
25 Lease expiring 24th December 2150, subject to a ground rent of £100 per annum. Reversion 129 years.
26 99 years from 2003, subject to a ground rent of £100 per annum. Reversion 81 years.
Total Ground Rent Receiveable: £1,886.26 per annum
DISCLAIMER

Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.

LIVE-STREAMED AUCTION

Please note that the Auction will be livestreamed via our website.  You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.

*DEFINITION OF GUIDE & RESERVE PRICE

All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.

COSTS AT AUCTION

When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding.  They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.

The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction.  Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.

Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.

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