Land for sale in Harts Lane, Barking, Essex IG11

Offers over £600,000
Land for sale
Interested in this property? Call +44 20 3641 4033 * or Request Details

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Property features

  • Freehold investment comprising a block of 36 flats
  • Current income £5,400 pa
  • Development Opportunity
  • Planning granted for 9 additional residential units

Property description

** development opportunity & investment for sale ** - Situated on Harts Lane in Barking, north of the Barking Northern Relief Road (A124). The A124 interconnects with the North Circular Road (A406) to the west and access to the Motorway Network is via Junction 31 of the M25. Ashdown Court comprises a part 3, part 4 storey building of traditional masonry construction, forming a block of 36 flats which are sold off on long leases, producing a current income of £5,400 per annum. Planning consent has been granted for the addition of 9 further residential units above the existing building. Further details are available upon request. Please call Clarke Hillyer on for further information or to arrange a viewing.

Location

Situated on Harts Lane in Barking, north of the Barking Northern Relief Road (A124). The A124 interconnects with the North Circular Road (A406) to the west and access to the Motorway Network is via Junction 31 of the M25. Barking Train Station, which is on the Hammersmith and City and District Lines, as well as the Overground and National Railway Network, is less than 1.5 miles from the property. The area is also served by local buses.

Description

Ashdown Court comprises a part 3, part 4 storey building of traditional masonry construction, forming a block of 36 flats. Beside the building is a car park for existing residents.

Leases

The 36 flats in the existing block have all been sold off on long leases of 125 years from 1989 and 1990. The initial ground rent per flat was £75 per annum, increasing by a further £75 every 25 years. Therefore, the current ground rent per flat is £150 per annum or £5,400 per annum in total.
Section 42 Notices have recently been served by 13 of the long leaseholders and suitable premiums for the lease extensions will be agreed in due course.

Planning

Planning consent has been granted for the addition of 9 further residential units above the existing building. Further details are available upon request.

Terms

The freehold and the airspace above is available for offers in excess of £600,000.

Viewings

Strictly via agents Clarke Hillyer, tel .

Whilst we at Clarke Hillyer endeavour to ensure the accuracy of property details produced and displayed, we have not tested any apparatus, equipment, fixtures and fittings or services so cannot verify that they are connected, in working order or fit for purpose. Neither have we had sight of the legal documents to verify the Freehold or Leasehold status of the property. Please be advised that any plans provided are to indicate the layout of the property, are not to scale and for guidance purposes only. Any interested parties are advised to obtain verification from their solicitor or surveyor.

Property info

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For more information about this property, please contact
Clarke Hillyer, IG10 on +44 20 3641 4033 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Clarke Hillyer, and do not constitute property particulars. Please contact Clarke Hillyer for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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