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Lot 22 Click here for addendum

1 Bed Maisonette - Gross Yield 8%
In the same family ownership for over 20 years
6 Week Completion

Situation

Located close to the junction with Church Lane and its local shopping and restaurants, in this popular residential enclave only a short walk from the Welsh Harp Open Space and Brent Reservoir and only 500 yards from the Fryent Country Park.
The property enjoys good road links to the A406 North Circular Road and the M1, is only 2 miles north of Wembley Arena & Stadium, 2 miles west of Brent Cross Shopping Centre and approx. 8 miles north-west of Central London.

Property

Forming part of a terraced property comprising a purpose-built Self-Contained 1 Bed Maisonette at ground floor level benefitting from uPVC double glazing and with sole use of the Rear Garden.
In addition, the property includes the Front Garden to the right hand side of the path leading to the front door (see Note 1).

Accommodation

Ground Floor 1 Bed Maisonette
(Floor area and room measurements to follow)
VAT is NOT applicable to this Lot

Tenure

Leasehold for a term of 125 years from 29th September 1993 at a current ground rent of £200 p.a. rising to £300 p.a. in 2053 and £400 p.a. in 2083.

Tenancy

The property is let to The Mayor and Burgesses of the London Borough of Harrow on a 2 year lease from the 24th March 2023 at a current rent of £9,948 per annum exclusive (£829 pcm).
Holding Over - The Landlord can terminate the lease on 6 months' notice and the Tenant can terminate on 3 months' notice.
Note 1: There may be potential to create a parking space on the front garden, subject to obtaining the necessary consents.
Note 2: No 36 Wood Lane (2 bed first floor maisonette approx. 550 sq ft) sold in August 2019 for £350,000 (£636 per sq ft) (source: zoopla.co.uk).
Note 3: Refer to the Auctioneers for the video tour of the property.

*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 £1,500 including 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.

38 Wood Lane, Kingsbury, London NW9 7NS