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Block of apartments for sale
Freehold Interest of 38-54, Park Lane, Norwich, NR2 3EF
£90,000
Freehold Interest of 38-54, Park Lane, Norwich, NR2 3EF
£90,000
Our Summary
- Guide Price= £90,000-£110,000 plus fees **For Sale By Unconditional Online Auction - Auction Ends 03/02/2026 11:00** FREEHOLD INTEREST OPPORTUNITY Description We are pleased to present to the market the freehold interest of the above property which is in a sought after area of Norwich City
- Comprised of fifteen one bedroom apartments of varying sizes, all apartments have been sold off on leases from 1970 with nine apartments having circa 43 years remaining on the lease so there is the potential of income when these are extended
Description
This is a unique opportunity to purchase the freehold interest of a 15-unit apartment building in a sought-after area of Norwich City. The property consists of one-bedroom apartments of varying sizes, with nine apartments having approximately 43 years remaining on their leases, offering potential for income when these are extended. Each apartment also benefits from a garage at the rear of the block. The leases with remaining term pay £10.50 per annum in ground rent, while the six extended leases are assumed to have a peppercorn ground rent. The seller is a close family member of an employee of Brown & Co, and Watsons are the current managing agents. The property is being sold by unconditional online auction, with a guide price of £90,000-£110,000 plus fees, and the auction ends on February 3, 2026.