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    Auction House London
    Lot 175
    Block of Apartments
    Bayle Court
    The Parade, Folkestone, Kent, CT20 1SN
    Please refer to auctioneer for more information
     
    All
    Number 1
    A Freehold Residential Development Opportunity and Ground Rent Investment Producing £1,927.75 Per Annum (increasing to £2,002.75 in March 2025). Offered with Planning Permission for the Construction of a Fourth Floor Extension to Create Two Additional Penthouse Seaview Flats (2 x Two Beds)

    Description

    The property comprises a detached block of 15 self-contained flats and garages (all sold off) arranged over ground and three upper floors.

    Location

    The property is located on a residential road close to local shops and amenities. There are numerous green open spaces and Folkestone Harbour are within easy reach. Transport links are provided by Folkestone Central rail station.

    Planning

    Folkestone & Hythe Council granted the following planning permission (ref: 21/1707/FH) on 30/05/2022: 'Alterations to roof of building to accommodate two two-bedroom flats within the roof space'

    Proposed Accommodation

    Fourth Floor
    2 x Self-Contained Two Bedroom Flats
    Flat 17 - G.I.A 80 sq m

    Flat 18 - G.I.A 110 sq m

    Tenancy

    All of flats are sold off on a 999 year Leasehold from March 1959 (thus approximately 934 years unexpired).

    Note

    Section 5(b) Notices under the Landlord & Tenant Act 1987 have been served and the Leaseholders have not reserved their rights under legislation. The Leaseholders have recently served a Right To Manage claim notice.

    Further Information

    A Ground Rent is a nominal annual rent paid by the leaseholder to the freeholder. When you purchase a ground rent investment you are purchasing the rights to the ground rent income, not the flats themselves. When the lease terms become low, the freeholder can charge each lessee a premium for extending their lease. Further income can be derived when the freeholder has the right to manage and insure the building.

    Addendum

    All of flats are sold off on a 999 year Leasehold from March 1959 (thus approximately 934 years unexpired).
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