64 Westgate Bay Avenue Westgate-on-Sea, Margate Kent CT8 8SN
64 Westgate Bay Avenue Westgate-on-Sea, Margate Kent CT8 8SN
Freehold Housing Association Let Care Home Investment
Recently let on new 25 year FRI lease from September 2017 (no breaks)
Entirely let to Falcon Housing Association CIC, a social housing provider registered with Homes England (formerly The Homes & Community Agency), which receives its funding directly from local authorities
Annual CPI-linked Rent Reviews
Recently refurbished large care home in stylish and elegant seaside town
VAT-free investment
Lot 23
Auction 24th May 2018
Rent £63,000 per Annum
Status Withdrawn Post
Price
Sector Medical/Healthcare
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Freehold Housing Association Let Care Home Investment
Recently let on new 25 year FRI lease from September 2017 (no breaks)
Entirely let to Falcon Housing Association CIC, a social housing provider registered with Homes England (formerly The Homes & Community Agency), which receives its funding directly from local authorities
Annual CPI-linked Rent Reviews
Recently refurbished large care home in stylish and elegant seaside town
VAT-free investment
Lot 23
Auction 24th May 2018
Rent £63,000 per Annum
Status Withdrawn Post
Price
Sector Medical/Healthcare
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
3 miles west of Margate, 14 miles north-east of Canterbury
Roads
A28, M2, M20
Rail
Westgate-on-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is situated on the northern side of Westgate Bay Avenue at its junction with St Mildred’s Road, close to Westgate-on-Sea town centre and Westgate-on-Sea Railway Station, with local amenities a short walk away. St Mildred’s Bay Beach is 200 metres away.
Tenure
Freehold.
Location
Miles
3 miles west of Margate, 14 miles north-east of Canterbury
Roads
A28, M2, M20
Rail
Westgate-on-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is situated on the northern side of Westgate Bay Avenue at its junction with St Mildred’s Road, close to Westgate-on-Sea town centre and Westgate-on-Sea Railway Station, with local amenities a short walk away. St Mildred’s Bay Beach is 200 metres away.
Tenure
Freehold.
Description
The property comprises a large recently refurbished specialist supported living care home providing a lounge, kitchen/diner, activity room and office on the ground floor; 2 x four bedroom apartments with kitchenettes and shower rooms on the first and second floors and a two room cellar at basement level. The property benefits from large gardens and off-street parking for two cars.
VAT
VAT is not applicable to this lot.
Viewings
There will be one block viewing date for this property. Please contact George Watkins E: george.watkins@acuitus.co.uk
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a large recently refurbished specialist supported living care home providing a lounge, kitchen/diner, activity room and office on the ground floor; 2 x four bedroom apartments with kitchenettes and shower rooms on the first and second floors and a two room cellar at basement level. The property benefits from large gardens and off-street parking for two cars.
VAT
VAT is not applicable to this lot.
Viewings
There will be one block viewing date for this property. Please contact George Watkins E: george.watkins@acuitus.co.uk
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Tenant
Term
Rent p.a.x
Future Reviews
Ground
Basement First Second
Entrance hall, lounge, kitchen/dining room, utility room, activity room and office Two cellar rooms 4 bedrooms with kitchenette, shower room 4 bedrooms with kitchenette, shower room
FALCON HOUSING ASSOCIATION CIC (1)
25 years from 15/09/2017 until 14/09/2042 on a full repairing and insuring lease
£63,000 (2)
CPI linked review on 15/09/2018 and annually thereafter
Total
£63,000 (2)
(1) Falcon Housing Association CIC are a social housing provider, who work closely with local authorities, property developers and care providers to provide high quality housing and tailored support to tenants (Source: www.falconha.org 20/04/2018). (2) This number is an estimate of the rent from the day of completion (the current rent is £61,464 per annum), based on the current CPI Indexation figure of 2.5% for March 2018, and is for informational purposes only. The rent will be reviewed on 15th September 2018 to the higher of the existing rent and the rent increased in accordance with the annual increase in CPI (the increase being calculated by reference to the CPI for the month before the rent review versus the CPI for the month in the year prior). However, the Vendor has agreed to adjust the completion monies as though this review took place on the basis of a 2.5% increase from the current rent.
