The ground and first floor maisonette ( Flat 2) is currently being held on a long lease expiring on 14.3.2127 but contains a Landlord`s section 61 development right . (As set out in the Leasehold Reform, and Urban Development Act 1993 as this lease was previously extended under that act)
UNDER THE TERMS OF THE LEGISLATION, A FREEOLDER HAS THE RIGHT TO RECOVER POSSESSION IN ORDER TO REDEVELOP THE PROPERTY BY GIVING NOTICE OF THEIR INTENTION TO DEVELOP PRIOR TO THE EXPIRY OF THE OF THE INITIAL LEASE, BEFORE IT WAS EXTENDED, WHICH IN THIS INSTANCE IS 14/03/37, WHERE THE MARKET PRICE CAN BE NEGOTIATED. AN APPROXIMATE ESTIMATE TODAY COULD BE IN REGION OF £2,000,000 TO £2,500,000 SUBJECT TO CONTRACT.
There is a current planning application to add a further floor to the current second and third floor maisonette and a pre-application which can be viewed in our offices for any future planning applications for the building.