Residential Ground Rent Investment Opportunity

Tenure:Freehold

Location: Manchester
Address:Kinderlee Mill,
Marple Road,
Chisworth,
Glossop.

Area:0.0 Sq M

Charlotte Campbell
T: +44 (0)161 259 0469
E: [email protected]

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Property details

Description

The development, constructed around the Kinderlee Mill conversion, includes a selection of single storey and duplex apartments, two and three storey townhouses all of a high specification and most enjoying views over the surrounding countryside.

The ground rent portfolio comprises a total of 67 properties at the Kinderlee Mill development:

  • 10 x Garages
  • 2 x Storerooms
  • 37 x Apartments
  • 18 x Houses

Tenure and Tenancy

The property is held freehold, with the benefit of 67 Long Leasehold interests granted, each for a term of 150 years expiring 31 December 2164. The ground rents are to be reviewed every 15 years to the higher of passing rent, RPI or 2% compounded annually.

Further income is achievable via management in the usual way.

 

Pricing

We are instructed to seek offers in excess of £175,000, which represents a blended Net Initial Yield of 4.35%, after deducting full purchasers costs of 2.08%.

Contact Details

Charlotte Campbell

[email protected]

0161 259 0469

Location

Kinderlee Mill is located in Chisworth, set on the fringe of the Peak District National Park, benefitting from both the rural countryside whilst being only 30 minutes from Manchester city centre.

Chisworth is a sought after residential area in a small semi-rural community adjoining Charlesworth, which offers a local post office, a convenience store, greengrocers and two public houses, whilst Glossop town centre is only a circa 10 minute drive away.

Tenure and Tenancy

The property is held freehold, with the benefit of 67 Long Leasehold interests granted, each for a term of 150 years expiring 31 December 2164. The ground rents are to be reviewed every 15 years to the higher of passing rent, RPI or 2% compounded annually.

Ground Rent Income

  • 10 x Garages at £75 per annum           =           £750 per annum
  • 2 x Storerooms at £75 per annum   =           £150 per annum
  • 37 x Apartments at £125 per annum =           £4,625 per annum
  • 18 x Houses at £125 per annum           =           £2,250 per annum
  • Total Rental Income across 67 Units =           £7,775 per annum