*Guide | £60,000+ (plus fees)
- Garages
- Tenure: Leasehold. Each garage is held on a 120 year lease from 25th December 1971 (thus approximately 67 years unexpired).
Call the team on 020 7625 9007 for more information
Four Single Storey Lock Up Garages Let on Individual Tenancies Producing £8,856 Per Annum (Reflecting a Gross Initial Yield of 14.76%)
The property comprises four single storey lock up garages.
Tenure
Leasehold. Each garage is held on a 120 year lease from 25th December 1971 (thus approximately 67 years unexpired).
Location
The garages are situated on a residential road close to local shops and amenities. The open spaces of Gladstone Park are within easy reach. Transport links are provided by Neasden underground station (Jubilee line) and Wembley Stadium rail station.
Tenancy
Garage 2 is subject to a tenancy commencing 29th November 2023 at a rent of £198 per calendar month. Garage 6 is subject to a tenancy for a term of 1 year commencing 28th October 2024 at a rent of £180 per calendar month. Garage 7 is subject to a tenancy for a term of 1 year commencing 23rd November 2024 at a rent of £180 per calendar month. Garage 8 is subject to a tenancy for a term of 1 year commencing 30th September 2024 at a rent of £180 per calendar month.
Further Information
When purchasing a property that has a short lease, it is important to understand that in addition to the purchase price, if you wish to extend the lease to 90+ years, you will need to pay a premium to the freeholder. This is done by way of serving a Section 42 notice to the freeholder requesting a lease extension with a suggested price for the extension. The freeholder has the right to refuse the offer and submit a counter notice with their suggested price. In most cases, the leaseholder must have owned the property for at least 2 years in order to serve a S42 notice. If you do not fully understand this process, please ask the auctioneers or a solicitor.
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - Purchasers will be required to pay an administration fee of £1,500 inc VAT
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
