Lot 66 Portfolio of Residential Ground Rent Investments, Various Streets clustered around Corporation Road, Newport, NP19 0GE

Bidding Closed

SOLD FOR

£29,800

Property Enquiries

Simon Riggall

simon.riggall@bidx1.com
+44 (0) 7732 681 151

Viewing Registration / Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

David Whittaker

davidwhittaker@jacklyndawson.co.uk
01633 265 969
Description
Map
Viewings

Property Summary
  • A portfolio of 100 freehold residential ground rent investments in streets clustered around Corporation Road Newport producing £264.37 pa
Tenure

Individual Freeholds subject to 100 residential ground lease properties

Location

The City of Newport lies along the south side of junctions 24 to 28 of the M4 on the coast of the Severn Estuary and is the closest urban centre to the Severn Bridge crossing. Newport has a population of some 150,000 and forms a part of the Newport/Cardiff metropolitan area with a total population of over 1.1m. 
London is 138 miles and Cardiff 12 miles with mainline rail connections. Organisations based in the city include Airbus Defence and Space, the headquarters of National Statistics, the headquarters of the United Kingdom Intellectural Property Office (formerly known as the Patent Office); the General Insurance Division of Lloyds Bank, Quinn Radiators Factory, the headquarters of insurance comparison site GoCompare, the headquarters of Wales and West Utilities, the shared-service centre for HM Prison Service, the Passport Office for much of the south and west of the UK, Quinn Group and Admiral Insurance. The City also hosts a  campus of the University of Wales.

Description

The properties are mainly situated in a network of terraced streets clustered within an established residential area upon the southern side of the City near to the River Usk waterfront and close to George Street Bridge. 

Tenancy

The properties are generally held on 999 year leases with the exception of 26 Gordon Street  which is held on a 99 year modern ground lease from 1981 at £50 pa (Please see schedule of addresses and leases in the legal pack).

Rental Information

99 houses are let upon individual 999 year leases producing in total £214.37pa and one house is let upon a 99 year lease at £50 pa

VAT
VAT Not Applicable.

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount of £4,500 from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


Contact Simon about this property