16 flats in a number of mid 1980`s purpose built 3 storey blocks with ample on-site car parking and communal gardens.
Off Colney Hatch Lane roughly opposite the Tesco`s superstore and adjacent to the North Circular Road (A406). Between ½ a mile and ¾ of a mile from local shops and restaurants at Friern Barnet and Muswell Hill Broadway. Numerous bus routes are only a short walk away and New Southgate British Rail Station, providing a roughly 20-minute service into Central London, is between ¾ of a mile and 1 mile distant.
The flats are located on the same estate, have been personally chosen and managed by the existing owner and have in our opinion been exceptionally well maintained. All bar one of the flats have been refurbished to a high standard in recent years. All flats have been let furnished and are double glazed and centrally heated. Schedule of properties
Current Gross Rental Income £196,776 per annum Tenancy agreements & rental income
The flats are let on Assured Shorthold Tenancies, nearly all of which have expired and the tenants are holding over on a month to month basis. Many of the rents have not been increased for many years. The total gross rental income is currently £196,776 per annum (£16,398 per month). Based on the latest rents achieved the potential income is approximately £250,000 per annum. Tenure
The leases were all granted for a term of 99 years from between 1983 and 1985 and so have between 64 and 66 years unexpired. If required, section 42 notices, “Tenant`s claim to a new lease”, can be served following exchange of contracts so allowing the purchaser to extend the leases without having to wait the statutory 2-year period (notices would be prepared by the purchaser`s solicitor at the purchaser`s expense). Price
Offers are invited. Further details
For further details please contact the owner`s sole agent Ferrier Tomlin.
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