The ground rent on a north London, 1930s residential complex with planning consent for additional flats will go under the hammer with a £1.1m guide price in the final Barnett Ross sale of the year.
The freehold ground rent investment covers Alcock House, Barcham House and Richard Fox House on Queen’s Drive, Finsbury Park, N4 (pictured). The blocks comprise 28 flats (one regulated tenancy), 12 garages (four are vacant) and communal gardens opposite Clissold Park. The investment currently produces £12,132.75 per annum.
However, the key value is the planning permission, granted in February, for six flats to be added on the roof and the potential to convert some of the garages to residential use. There are also 10 valuable reversions.
One quirk noted by the auctioneer is that lift shafts were built as part of each block in the 1930s, but lifts were never installed.
The catalogue and lot numbers have yet to be released for the 16 December auction, but another unusual lot due to be listed is one third of a Lloyds bank. The investment at 5 East Avenue in Hayes, Middlesex, forms only the right-hand third of the bank in the heart of the town centre, where the lessee is holding over. The property does not have its own front entrance or WC. Lloyds Bank is currently paying a rent of £18,750 per annum for this unit and the lot will be offered, by order of trustees, with a guide price of £325,000.
So far this year, Barnett Ross has held seven full multi-lot auctions and two bespoke one lot auctions, with all but one achieving a 100% success rate and raising over £45m.
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