Lot 25

28 Park Avenue, London, NW2 5AP

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  3. Wednesday 24th February 2021
  4. Lot 25 - 28 Park Avenue, London, NW2 5AP
£225,000 Result
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Lot 25
28 Park Avenue, London, NW2 5AP
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Legal documents

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Legal documents

You are advised to download and read the legal documentation prior to bidding.

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Freehold Investment

Description

In Same Family Ownership Since 1968

London Borough of Brent

Situated at the corner of St Pauls Avenue and Park Avenue in a popular residential area close to Willesden Lane and local shopping/travelling facilities including a five minute walk to Willesden Green Tube Station (Jubilee Line) Zone 2. The area benefits from many bus routes to Central London and other areas.

A Substantial Double Fronted End of Terrace Corner Red Brick Mansion Block arranged as Four Self-Contained Flats comprising:

Second Floor Flat 28(B) on lease for a term of 99 years from 25th December 1977 at a current ground rent of £70 per annum rising. Valuable reversion in approximately 55 years.

First Floor Flat 28(A) on lease for a term of 125 years from 1st January 2014 at a current ground rent of £350 per annum rising.

Ground Floor Flat 28 on lease for a term of 182 years from 25th December 1977 at a current ground rent of £105 per annum rising.

Ground Floor Studio Flat 28(C) Studio Room/ Kitchen, Shower Room/WC

Let on an Assured Shorthold Tenancy at £780 per calendar month. The fixed term of the Assured Shorthold Tenancy has expired and can be terminated by the Freeholder on two month’s notice, subject to compliance with the usual statutory protocols.

Producing £9,885.00 per annum

The Ground Floor Studio Flat is part of the freehold and as such is not subject to a long lease.

This Ground Floor Studio Flat (28C) is approached by a separate dedicated pathway situated on Park Avenue.

Note 1: There is a large roof space which has four velux windows above Flat 28(B) which is not included in the lease and offers future development potential.

Note 2: The building is surrounded by Garden which may offer potential for off street parking subject to any necessary consents being obtained.

Note 3: There is a hard standing parking space in the Garden belonging to the Freehold which could be rented out if wished.

In accordance with Section 5(B) of the Landlord and Tenant Act 1987, notices have been served on the lessees. The lessees have not reserved their rights of first refusal

Inspection: By arrangement with the Auctioneers

Important Information

Each successful bidder will be required to pay the Auctioneers McHugh & Co., a non-refundable buyer's fee of £1,200 inclusive of VAT. Lots sold for less than £10,000 the buyer’s fee will be £300 inclusive of VAT. 
The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the special conditions of sale. Buyers are deemed to bid in full knowledge of this.
Each lot is sold in its actual condition and state of repair and the buyer shall be deemed to have surveyed and inspected the lot prior to the auction. For the avoidance of doubt, purchasers shall raise no objection or recourse to McHugh & Co as to the structure or condition of a property and its state of repair. McHugh & Co give no warranty or guarantee as to the structure, condition or issues of a property. This is in reference to (a) the state of the structure of any property or the working condition of any fixtures, fittings, heating systems, appliances or other items included in the sale of any property and (b) the type of the structure or whether such structure is adequate or property constructed. For purchasers requiring funding by mortgage or other means, they are advised to organise this in advance of the auction and shall raise no objection or recourse to McHugh & Co over whether a property is suitable for their lenders criteria.
The successful bidder is under a Binding contract as soon as the Auctioneer's electronic gavel falls on his/her Bid. Upon a successful bid, the bidder’s card will be automatically debited for the bidder security amount, which is considered as a whole or contribution towards the deposit. The bidder security amount is non-refundable upon a successful bid. The bidder/purchaser will be required to pay the balance for the 10% deposit of the purchase price subject to a minimum deposit of £5,000 whichever is greater and buyers fee within 24 hours of the auction date. The completion date is set usually within 20 working days of the auction date. The timeframe for completion on individual lots may vary, please read the special conditions of sale within the legal documentation.
Guides prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide. Guide prices will be continually updated on our website up until the day of the auction.
Each purchaser shall be deemed to have read the legal documents or provided the legal documents to their legal representatives for advice on the lot they are intending on purchasing which has been made available on our website. The purchaser shall be deemed to have raised any enquiries with the vendors solicitors that a prudent purchaser would make. The purchaser is deemed to have read the special conditions of sale associated with the sale of the lot and bid in full knowledge of this and the legal documents prior to bidding.

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Primary Lot Photo

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£300,000+

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