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Jaygate Portfolio, Meyrick Crescent, COLCHESTER, Essex, CO2 7QP

12th March 2019
starts 10:00 AM at Grand Connaught Rooms
last bid was £1,290,000, available for
£1,400,000

Tenure: Freehold

Freehold ground rent portfolio
346 flats within 19 buildings
Ground rent income £49,135 per annum with reviews from 2024
Current management fee income £47,755


Introduction:
The Jaygate Ground Rent Portfolio provides the opportunity for a purchaser to acquire this significant portfolio of ground rents comprising 346 flats located across 19 buildings. The current ground rent income is £49,135 per annum with reviews from 2024 onwards. The majority of the buildings are
managed with a gross management fee income of £47,755. The landlord also insures and recovers from the leaseholders with a total insured value of the portfolio of just under £60 million with premiums in excess of £61,000 per annum including IPT. A number of the flats offer the landlord reversion
and lease extension potential with over 40 of the flats having less than 90 years remaining.

Location:
The majority of the buildings are located within Essex in towns such as Colchester, Halstead, Clacton-on-Sea, Chelmsford, Maldon and other locations including East London and Bury St Edmunds.

Note:
A full schedule of ground rent reviews, management fee income and insurance is available from the auctioneers.

Legal documents:
Please note a separate document room is available for this portfolio. To access this document room please email chris.glenn@sequencehome.co.uk

Method of sale:
The portfolio is to be sold as one and will be sold as a company sale being a UK limited company. Further details in respect of this area available within the legal documents available on the auctioneers website
www.barnardmarcusauctions.co.uk

For all enquiries please contact Chris Glenn or telephone 0208 432 7330.




Important Notice:
For each Lot, a contract documentation fee of £1,150 (inclusive of VAT) is payable to Barnard Marcus Auctions by the buyer. The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of Sale. Buyers are deemed to bid in full knowledge of this.

The Guide Price quoted must not be relied upon by prospective purchasers as a valuation or assessment of value of the property. It is intended to provide purchasers with an indication of the region at which the reserve may be set at the time of going to press. The guide price may be subject to variation and interested parties are advised to make regular checks for variations and should be aware that the reserve price may be either below or above the quoted guide price.

Prospective purchasers should also be aware that the eventual sale price may be above or below the guide level dependent upon competition, and should therefore not presume the guide to be indicative of the final expected sale price or the price the property is available at.

When setting the guide price, the auctioneers have given consideration to the seller’s instructions in respect of their indicated reserve price at the time of instruction. The reserve price, (the level below which the property will not be sold), remains confidential between the seller and the auctioneer. The guide price therefore, is intended to indicate the region at which the reserve price is intended to be set. The seller will confirm their final reserve price close to the auction date and if appropriate the auctioneers may adjust the guide price to reflect this.
Whilst Barnard Marcus make every effort to ensure the safety and security of viewers at properties, we have not carried out a detailed Health & Safety inspection of properties in our auctions and cannot therefore guarantee the safety and security of viewers.
Prospective purchasers and bidders attend properties entirely at their own risk. Particular care should be taken when accessing cellars, attics, exterior grounds and outbuildings and boundaries. All non-conducted inspections of vacant sites should be made in daylight hours only and entry into such sites is entirely at the viewers risk.



1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Measurements: These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.

Lot location is based upon nearest property postcode only. Actual location of property being sold may differ.

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lot infomation last updated: 20th March 2019 at 10:03 AM

what's next?

Before making an offer or attending the auction to bid, we recommend that you visit the property, check all of the contents of the legal pack and where appropriate ask your solicitor to check this too. You also need to ensure you have means to pay the deposit, our contract documentation charge and have the funds available to meet the full purchase cost on completion. For more information please read our buyers guide.
1
arrange a viewing
We arrange open house viewings on many lots or have arranged for local agents to hold keys. Some viewings may be external only and properties with tenants may not be available to view internally.
2
check or show your lawyer the legal pack/s
Click the "Legal Docs" button at the top of this page to download the legal pack for this lot. If the pack is not yet available just save the Lot to “my lots” and we will contact you as information becomes available or gets updated.  Please also review the general conditions of sale which are applicable to every lot.
3
arrange the needed funds
Ensure you have means to pay the deposit, our contract documentation charge and have the funds available to meet the full purchase cost on completion. Click here to visit service providers that may be able to help you.
4
schedule the auction in the diary
Add the auction to your online calendar or diary. When attending in person, be sure to arrive in good time in order to register. We suggest you arrive around one hour prior to the lot being offered.
5
register to bid / telephone bidding
You can bid by attending the auction in person or we can arrange for you to bid by telephone or you can instruct us to bid for you by proxy. Get started and register today.