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Lot A Click here for addendum

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')

SITUATION

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.

PROPERTY

• 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

FREEHOLD

PLANNING

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.

SUMMARY OF TENANCIES & ACCOMMODATION

*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.

Flats 1–65 Okehampton Close, North Finchley, London N12 9TX