Auction of lodge park; ADVERTISEMENT FEATURE.
OTTERBURN Hall Lodge Park is a freehold ground rent investment which comprises 34 lodges, three cottages and a farm house.
Forming part of the Northumberland National Park, it has easy access to the A69 and A1, with Newcastle city centre only 30 miles to the south east.
The grounds - totalling 42 acres - include three tennis courts, woodlands and a fishing lake, and may afford potential for redevelopment - subject to obtaining all the necessary consents.
Total rental income received sits at around PS81,500 per annum for 34 lodges - 32 of which have a lease for a term of 999 years from 2015.
In addition to the annual ground rent, a service charge contribution of PS500 per lodge is paid at the beginning of the calendar year to cover the cost of grounds maintenance, water supply, sewage and electricity for the pumping stations.
The site will be put up for auction with a guide price of PS550,000-plus at Gosforth Marriott Hotel on Wednesday and registration is from 6.30pm. Visit www.agentspropertyauction.com or contact Rook Matthews Sayer on 0191 212 0000.
Otterburn Hall Lodge Park, Northumberland
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|Publication:||The Journal (Newcastle, England)|
|Date:||Jan 27, 2018|
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