4 bed Flat For Sale £35,000
Bayle Court, The Parade, Folkestone, Kent, CT20 1SN

Guide Price = £35,000+

*For Sale By Online PublicAuction 7th February 2024 09:30 AM. To inspect the legal documents for this property go to our website to download the legal pack*

A Freehold Residential Development Opportunity and Ground Rent Investment Producing £1,927.75 Per Annum (increasing to £2,002.75 in March 2025). Offered with Planning Permission for the Construction of a Fourth Floor Extension to Create Two Additional Penthouse Seaview Flats (2 x Two Beds)

Location
The property is located on a residential road close to local shops and amenities. There are numerous green open spaces and Folkestone Harbour are within easy reach. Transport links are provided by Folkestone Central rail station.

Description
The property comprises a detached block of 15 self-contained flats and garages (all sold off) arranged over ground and three upper floors.

Note
Section 5(b) Notices under the Landlord & Tenant Act 1987 have been served and the Leaseholders have not reserved their rights under legislation. The Leaseholders have recently served a Right To Manage claim notice.

Note
Further Information
A Ground Rent is a nominal annual rent paid by the leaseholder to the freeholder. When you purchase a ground rent investment you are purchasing the rights to the ground rent income, not the flats themselves. When the lease terms become low, the freeholder can charge each lessee a premium for extending their lease. Further income can be derived when the freeholder has the right to manage and insure the building.

PlanningFolkestone & Hythe Council granted the following planning permission (ref: 21/1707/FH) on 30/05/2022: 'Alterations to roof of building to accommodate two two-bedroom flats within the roof space'

There are no internal viewings