Lot 211

Riverside Place, Lower Southend Road, Wickford, Essex, SS11 8GD

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  3. Tuesday 15th February 2022
  4. Lot 211 - Riverside Place, Lower Southend Road, Wickford, Essex, SS11 8GD
£224,000 Result
Lot 211
Riverside Place, Lower Southend Road, Wickford, Essex, SS11 8GD
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Legal documents

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Freehold Ground Rents

Description

Basildon Borough Council

Located off The Broadway in a popular residential area close to local shopping/travelling facilities of Wickford Town Centre including Wickford Train Station (Greateranglia). Wickford Cricket Club and Wickford Memorial Park are also nearby.

Freehold Ground Rents amounting to £13,450 per annum rising derived from Sixty Six Self-Contained Flats, Eight Parking Spaces and One Storage Unit each on lease as follows:

Flats 1,2,3,4,6,9,10,11,12,14,15,16, 17,18,19,20,21,22,23,24,25,26,27,28,29, 30,31,32,33,34,35,36,37,38,39,40,41,42, 43,44,45,46,47,48,49,50,51,52,53,54,55, 56,57,58,59,60,61,62,63,64,65,66,67,68 are each on lease for a term of 125 years commencing on and including 1st day of March 2005 at a ground rent of £200 per annum rising at 25 year intervals.

Flats 7 & 8 are each on lease for a term of 125 years commencing on and including 1st day of March 2013 at a ground rent of £200 per annum rising at 25 year intervals.

Six Parking Spaces amounting to £200 per annum rising on a lease term of 125 years commencing on and including 1st day of March 2005.

Two Parking Spaces amounting to £50 per annum rising on a lease term of 125 years commencing on and including 1st day of March 2005.

Storage Unit is on lease for a term of 125 years commencing on and including 1st day of March 2005 at a peppercorn ground rent.

Producing: £13,450 per annum

Note: The first rent review including Flats 7 & 8 will be on 1st March 2030 (Approx 8 years away). Where ground rents will increase by 50%.

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.

Important Information

Each successful buyer or 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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