1-12, Statesman Homes Sea Lane, Ingoldmells
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Property summary
Excellent residential investment for saleClose to Fantasy Island and all the theme and amusement parks 5 flats & 1 house owned and let3 flats and 3 houses held on long leases with annual ground rents1 and 2 bed flats and houses with parking Central village locationGross annual income £33330 paxAll tenants on AST tenancies Potential for rental increases Get in touch
More about the property
Statesman Homes comprises a modern development of two blocks of purpose built houses and flats on 2 separate Deeds. The car park is to the rear of the properties. Each block has 2 houses and 4 flats. 100% of the freehold interest is for sale with six long leaseholds and six shortholds.
Location
The property is in the centre of the village. The village is a popular east coast seaside resort 3 miles north of the larger seaside town of Skegness. The area has a large holiday community with large caravan holiday parks. The property is located to all local amenities.
Located in the most rapidly developing holiday and trading areas on the Lincolnshire Coast, the property is close to Fantasy Island which is a half a mile away and has an extensive range of licensed, entertainment and leisure venues in close proximity with one of the highest density of caravans and sites in the county surrounding. Extensive footfall is enjoyed past the property. The properties are close to a chemist, post office, Tesco, Heron Foods and Poundland. There is a nearby school.
View the location on a map
WEST BLOCK
1 - HOUSE
2 Beds & 2 Car Spaces
2 - FLAT GF
1 Bed & 1 Car Spaces
3 - FLAT FF
1 Bed & 1 Car Space
4 - FLAT FF
1 Bed & 1 Car Space
5 - FLAT GF
1 Bed & 1 Car Space
6 - HOUSE
2 Beds & 2 Car Spaces
EAST BLOCK
7 - HOUSE
2 Beds & 2 Car Spaces
8 - FLAT GF
1 Bed & 1 Car Space
9 - FLAT FF
1 Bed & 1 Car Space
10 - FLAT GF
1 Bed & 1 Car Space
11 - FLAT FF
1 Bed & 1 Car Space
12 - HOUSE
2 Beds & 2 Car Spaces
The properties have established C3 residential use
All mains services of water, drainage and electricity are connected. Gas is connected in 1 and 7.
Flats & House ,1,3,6,7,9,10 have been sold on long ground leases as follows:
1 - 99 years from 1990
3 - 99 years from 1990
6 - 99 years from 1990
7 - 99 years from 1996
9 - 99 years from 1990
10 - 189 years from 1990
Current ground rents £450. p.a
Lease dates vary slightly
From 1990 £50.00 until 31/12/2005
From 01/01/2006 £75.00 until 31/12/2026
From 01/01/2027 £100.00 until 31/12/2047
From 01/01/2048 £200.00
Rents from the flats presently let as follows:
Flat 2 - £5148 pax
Flat 4 - £5148 pax
Flat 5 - £5148 pax
Flat 8 - £5148 pax
Flat 11 - £5148 pax
House 12 - £7140 pax
Annual Rent £33,330 pax
The rents are well below market rents and there is rental growth opportunities.
FREEHOLD REVERSIONS
On units 1, 3, 6, 7, 9 and 10 as applicable.
Each property has a council tax band of A which the occupiers are responsible for.
All the properties have an EPC Rating of C apart from 12 which is D
Each party are responsible for their own legal costs
The price is exclusive of VAT if applicable
East Lindsey District Council
The Hub
Mareham Road
Horncastle
Lincolnshire
LN9 6PH
Tel 01507 601111
Contact Pygott & Crone Commercial
36a Silver street
Lincoln
LN2 1EW
Tel 01522 536777
