Lot A details
ON BEHALF OF THE FOYLE FOUNDATION
FIRST TIME ON THE MARKET FOR OVER 70 YEARS
An Unbroken Residential Estate comprising:
65 Flats (31 x 1 Bed, 30 x 2 Bed & 4 x 3 Bed) and 30 Garages
Currently producing £729,365.76 p.a. to include:
• 52 Flats let on ASTs
• 3 Flats let on Assured Tenancies
• 7 Flats let on Regulated Tenancies
• 3 Vacant Flats
Plus potential for additional development (see ‘Planning')
Located via two private roads accessed from Friern Park (as well as gated access from Torrington Park) in this popular residential area. The estate is within easy walking distance to the multiple shopping facilities in High Road and well served by good public transport via a variety of bus routes and Woodside Park Underground Station (Northern Line) which is only approx. ¾ mile distant.
North Finchley is a sought after suburb being approx. 10 miles north of central London.
Okehampton Close was built in the 1930's on the former site of ‘Okehampton', the home of Sydney Simmons, a wealthy philanthropist. The development was in the style of the Garden City movement linking villa-like homes with landscaped public spaces. At the time, the development included a tennis court in the garden area that runs along the Torrington Park frontage.
• 4 detached blocks of either two or three storeys comprising 65 Flats (31 x 1 Beds, 30 x 2 Beds & 4 x 3 Beds) all with uPVC double glazing, independent hot water supply and some with gas central heating. In addition, some of the flats at first floor level have storage cupboards.
• 30 single storey Garages
• Communal gardens and unallocated parking.
The entire Site Area is Approx. 2.63 acres.
VAT is NOT applicable to this Lot
The Vendor has commissioned a scheme to provide a further 46 Flats as follows:
• 7 × 1 bed flats on current roof space
• 8 × 2 bed flats on current roof space
• 9 × 1 bed flats as new build construction
• 22 × 2 bed flats as new build construction
Full details and plans available from the Auctioneers.
Note 1: This purchase may be subject to Stamp Duty Land Tax Relief for Multiple Dwellings - Applicants should consult their own advisors in this respect.
Note 2: A purchase by a Charity or a Registered Social Landlord may qualify for 100% Stamp Duty Tax Relief - Applicants should consult their own advisors in this respect.
Note 3: 8 Week Completion
Note 4: Registered bidding will apply to this lot. Please contact the Auctioneers to Pre-Register.