The Bridge, 334 Queenstown Road, London, SW8 4NP
Guide Price* : £450,000
Ground Rent Investment
- Ground Rent Investment generating £27,950 per annum
- Situated adjacent to the Nine Elms / Battersea Power Station redevelopment
- We understand the freehold includes two car parking spaces (please see the legal pack)
- Guide price of £450,000 reflects a gross yield of 6.2%
The property provides a purpose built 9 storey residential block comprising a total of 96 flats, and commercial units to the ground floor.
The flats and commercial units are sold off on separate long leaseholds, generating a total ground rent income of £27,950 per annum.
The Freehold title includes all car parking spaces on site, however we understand that two spaces are unallocated and are therefore free for use by the purchaser. Purchaser are to make their own enquiries and can review the legal pack for more information.
The property is situated in Battersea fronting Queenstown Road to the eastern side of Battersea Park. Located 500 metres south of the River Thames.
The property occupies a prime residential pitch, and is immediately adjacent to the redevelopment at Nine Elms / Battersea Power Station.
The property is the freehold interest in the entirety of The Bridge, out of which long leasehold interests have been created for 96 self-contained flats granted on 125 year leases and three commercial units on separate 999 year leases.
The property is currently producing and income of £27,950 per annum. The rent is subject to a 100% increase in the 50th year and a further 50% increase in the 100th year.
Please see the legal pack for further details.
Wandsworth Borough Council
The property is elected for VAT
Bidder AML Requirements
For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to firstname.lastname@example.org:
• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor
The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number
If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every 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.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Sold for £776,000
This auction is now closed.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2021
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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