Case Study

Gubyon Avenue, Herne Hill (3 flats)

Details:

This property contained three flats within a Victorian Terrace and each held on leases for a term of 120 years from 1978 having approximately 83 years still to run at a passing rent of £30 per annum doubling every 40 years.

All three flat owners wished to purchase the freehold and we set up a nominee purchaser (56 Gubyon Avenue (Freehold) Limited) and served notice to have the freehold on the landlord proposing a price of £21800, whilst the Landlord proposed a price of £37000 approximately which notably included £15000 for development value. The case was heard by the first-tier Tribunal in central London and crucially following appearance of a planning expert for the tenants, development value was refused as being unlikely to achieve planning consent, and the Tribunal decided a price of £28000 for the freehold interest.

Click to download more information

Additional Downloads

• 56 Gubyon Avenue, London, SE24 0DX