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Lot 31 Click here for addendum

GROUND RENT INVESTMENT WITH PLANNING FOR 2 FLATS
6 Week completion

SITUATION

Located in the heart of the town centre on the pedestrianised Station Road, close to the junction with London Road and opposite an entrance to the Belfry Shopping Centre.
Redhill is a popular Surrey town lying approx. 20 miles south of Central London with good road links via the M25 (Junction 8) and M23 (Junction 8) and is conveniently located for Gatwick Airport.

PROPERTY

Forming part of 2 adjoining end of terrace buildings comprising 7 Self-Contained Flats planned on part first, part second and third floors plus the Roof Covering and the Air Space above part of the remainder of the third floor.

VAT is NOT applicable to this Lot

TENURE

No. 39-41 Station Road: Leasehold for a term of 999 years from 16th January 2014 at a Peppercorn ground rent.
No. 43 Station Road: Leasehold for a term of 1,000 years from 20th December 2013 at a Peppercorn ground rent.

Note 1: Both Headleases contain a right to build into, alter and redevelop or extend in height or otherwise, the property and/or the building, subject to obtaining the prior written consent of the Landlord which is not to be unreasonably withheld or delayed.

Note 2: In accordance with s.5B of the Landlord & Tenant Act 1987, Notices have been served on the Lessees and they have not reserved their rights of first refusal. This Lot cannot be sold prior to auction.

PLANNING

Planning Permission was granted on 18th January 2016 by Reigate & Banstead Borough Council (Tel: 01737 276000) to “Erect mansard extension to create 1x1 bed and 1x2 bed flats”. (Planning ref No. 14/01322/F).

The new flats will be accessed via the existing front entrance and communal staircase currently serving Flats 1 & 2 (39-41 Station Road).

According to the approved plans, once constructed the flats will provide the following accommodation:

• 1 Bed Flat (Third Floor) - Open Plan Living Room/Kitchen, 1 Bedroom, Bathroom/WC (Total GIA Approx. 580 sq ft)

• 2 Bed Flat (Third Floor) - Open Plan Living Room/Kitchen, 2 Bedrooms, Bathroom/WC (Total GIA Approx. 720 sq ft)

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,000 plus VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

39–41 and 43 Station Road, Redhill, Surrey RH1 1QH