£2,250,000
59 bed property for saleMaison Belleville, St Saviour JE2
59 beds
- Freehold
Gaudin & Co
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About this property
Freehold opportunity comprising 58 purpose-built one- and two-bedroom apartments arranged over four floors with lift access.
Prime location on the eastern side of St Helier, within the Parish of St. Saviour, at the junction of Wellington Road and St Saviour’s Road.
Secure long leasehold structure with 57 fully repairing and insuring leases expiring between 2085 and 2088, generating £35,490 per annum in ground rent
Additional income streams including 21 separately let parking spaces (circa £33,484 per annum) plus 1% capital value income on sales and lettings
Established over-60s residential scheme with well-maintained communal facilities, gardens and patio areas, offered at a guide price of £2.25 million.
The property is situated on the periphery of St Helier’s Central Business District, on the eastern side of St Helier, within the Parish of St. Saviour.
More specifically, Maison Belleville occupies a prominent position on the north side of Wellington Road, at its junction with St Saviour’s Road.
The premises comprise 58 purpose-built one- and two-bedroom apartments arranged over four floors, with lift access to all levels.
In addition, there is a communal laundry room, separate guest suite, ample communal stores, and a spacious residents’ lounge complete with kitchenette and WC facilities.
Externally, the property benefits from well-maintained lawned gardens and patio areas.
The apartments comprise the following:
Type A – 400 sq ft – 16 one-bedroom apartments
Type B – 500 sq ft – 30 one-bedroom apartments
Type C – 600 sq ft – 12 two-bedroom apartments
There are also 21 surface-mounted parking spaces.
57 of the apartments are held on long fully repairing and insuring leases commencing May 1987, with lease expiries between 2085 and 2088.
A collective ground rent is payable to the freeholder, currently totalling circa £35,490 per annum. This is subject to Jersey Cost of Living rent reviews on an upwards-only basis, with the next review due on 28 May 2031 (covering the period 29 May 2010 to 28 May 2031), and subsequent reviews scheduled for 28 May 2052 and 28 May 2073.
In addition, the 21 parking spaces are let separately and currently generate approximately £1,772.16 per annum per space (subject to annual increases in line with the Jersey Cost of Living), producing a total income in the region of £37,215 per annum.
Furthermore, under the terms of the 57 leases, additional income is derived from disposals or lettings of apartments, amounting to 1% of the capital value upon each sale and 1% of the capital value each time an apartment is let to a third party.
The premises are restricted to occupation by persons aged 60 years or over.
The opportunity exists to acquire the freehold interest in the apartment block, together with the associated parking and grounds, at a guide price in the region of £2.25 million.
Contact Details: Adam Lescop or call Joint Agents with Sarre & Co - contact details:
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More information
Tenure
Freehold
Council tax band
Council tax band not yet known
Ground rent
£0
