Waterside Place Marsh Ln

We are instructed to seek offers in excess of £800,000 (Seven Hundred and Fifty Thousand Pounds) for the freehold interest subject to contract and exclusive of VAT, for the leasehold interest.
Both Unit 1 & Unit 2 have been let to VR Verse Ltd which operate as a virtual reality arcade with ancillary café use. Unit 1 is let by way of a 15-year lease from 7 March 2024 subject to five yearly upward only rent reviews. The lease is contracted outside the L&T Act 1954. There are mutual breaks on the fifth and tenth anniversary of the term. The current rent is £18,500 pax. Unit 2 is let by way of a 15-year lease from 6 March 2024 subject to five yearly upward only rent reviews. The lease is contracted outside the L&T Act 1954. There are mutual breaks on the tenth anniversary of the term. The current rent is £25,000 pax.
The 62 residential tenancies are all held on 125 years from 01 July 2002. The current ground rents are £150 pa per unit for 27 units with the remainder being £125 pa per unit. The current residential income is £8,425 pa. Each ground lease has rent reviews on the twenty fifth anniversary of the term where the ground rent doubles. The next rent review is 01 July 2027 where the rent will increase to £16,850 pa.