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Millway Close, Oxford, Oxfordshire... Block of apartments for sale
Millway Close, Oxford, Oxfordshire, OX2 8BJ
£225,000
Millway Close, Oxford, Oxfordshire, OX2 8BJ
£225,000
Our Summary
- Guide Price = £225,000+*For Sale By Online PublicAuction
- Offered with Planning Permission for the Erection of 4 x One Bedroom Flats (Works Have Commenced)
- TenancyThe 55 flats and 33 garages are all subject to a lease for a term of 999 years from 25th March 1971 (thus approximately 945 years unexpired) at a combined ground rent of £1,265 per annumNotePlanningOxford City Council granted the following planning permission (ref: 18/02644/FUL (18/02644/CND) (18/02644/CND2) (21/01837/VAR) on 3rd October 2018: 'Erection of 4 x 1 bed flats (Use Class C3) to first and second floor infills between existing block gable ends
Description
This freehold property is a ground rent investment secured on 55 flats and 33 garages, producing a combined annual income of £1,265. The property is located on a residential road near local shops and amenities, with nearby transport links. The property consists of three purpose-built blocks across ground and two upper floors, with all units subject to a lease for approximately 945 years. Planning permission has been granted to erect four one-bedroom flats on the first and second floors, with works having already commenced. The property is being sold by online public auction, with a guide price of £225,000+.