Lot
018
Auction Ends: 20/09/2023 11:38 - Bidding opens Tuesday 19th September 10:00 AM

Ground Rents, 83/85 George Street and 14-18, 19 & 20 Grimston Street, Hull, East Riding Of Yorkshire, HU1 3BN

Property Details
Location
Auction Details
Description
Residential ground rents amounting to £2,160 per annum, deriving from freehold and leasehold titles of apartments.
Location
Situated on George Street and Grimston St within Hull City Centre, this is a mixed use commercial, educational and residential area a short distance from the main shopping areas and close to public car parking.
Tenancy
For sale is the right to 90% of ground rents payable through two titles pertaining to two developments of 21 apartments: a freehold title of 19 flats, and a long leasehold of two flats, which detail a total of £2,400 per annum of ground rent. Lease agreements are in place for each development with a management company, which place management obligations on them and detail the payment of 90% of the aforementioned ground rent to the freehold owner (the auction vendor). The vendor pays a ground rent to the freeholder of its long leasehold title, although the amount is re-charged to the two sub-tenants affected. As such, this auction lot is the sale of the freehold title and long leasehold title, sold subject to the management leases, which remove management obligations from the prospective auction buyer and give them the right to be paid 90% of the ground rent deriving from the two titles for sale, which equates to £2,160pa.


Title (for sale)ApartmentsGround rent received as per management lease
Freehold (HS322779)

Flats 1-4, 83 George Street

Flats 1-10, 85 George Street

Flat 1,4 & 5, 14-18 Grimston Street

19 & 20 Grimston Street*

£1,935
Long Leasehold (HS376254)Flat 2 & 3, 14-18 Grimston Street£225
Total
£2,160
*Flat 20 provides no ground rent

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