A PAIR OF FOUR STOREY BUILDINGS ARRANGED AS 8 FLATS WITH DEVELOPMENT POTENTIAL TO THE REAR
Description An extremely rare opportunity to purchase two substantial and adjoining 4 storey terraced buildings that are currently arranged as 8 self-contained one bedroom flats. The flats are presented in varied condition with some being suitable for continued rental and others requiring modernisation. The properties benefit from good-sized rear gardens that extend to Sydenham Road where a number of the rear gardens have been redeveloped to provide a range of modern 2, 3 and 4 bedroom houses. We feel there is excellent potential for a similar development of 2 new houses on the land to the rear, subject to obtaining the necessary planning consents. Four of the flats in the existing buildings are currently tenanted on Assured Shorthold Tenancy agreements. However, we feel the current rents being paid are significantly below market level and there would be potential to increase. The remaining four flats are offered for sale with vacant possession. The property presents a fantastic break-up opportunity where the flats could be sold off separately following modernisation works and the potential building plots to the rear could also be sub-divided and redeveloped/sold off separately.
Location The properties are situated in a highly sought after residential location in Cotham with easy access provided to the City Centre, Stokes Croft and Redland train station. A wide range of restaurants and amenities are available locally on Cheltenham Road and Gloucester Road. The City Centre is located approximately 0.5 miles to the South.
Schedule of Accommodation (with approximate floor areas) and Tenancy Details Please refer to floorplan overleaf for internal layout and approximate room sizes.
63 Spingfield Road Basement Flat: 480 sq ft (44.6 sq m) - Currently vacant. Ground Floor Flat: 370 sq ft (34.3 sq m) - Currently vacant. First Floor Flat: 401 sq ft (37.3 sq m) - Let on an Assured Shorthold Tenancy at £560 pcm. Top Floor Flat: 487 sq ft (45.3 sq m) - Let on an Assured Shorthold Tenancy at £500 pcm.
65 Springfield Road Basement Flat: 552 sq ft (51.3 sq m) - Let on an Assured Shorthold Tenancy at £560 pcm. Ground Floor Flat: 488 sq ft (45.3 sq m) - Currently vacant. First Floor Flat: 462 sq ft (42.9 sq m) - Currently vacant. Top Floor Flat: 426 sq ft (39.6 sq m) - Let on an Assured Shorthold Tenancy at £530 pcm.
Tenure We understand the properties are to be sold on a freehold basis, subject to the above tenancies.
Maggs & Allen use all reasonable endeavors to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.