24 Park Street, Bristol, Bristol, BS1 5JA

Guide Price £725,000 - For Sale By Auction - LOT 26

FREEHOLD COMMERCIAL INVESTMENT IN CENTRAL BRISTOL

  • For Sale By Public Auction
  • Tuesday 18th June 2019
  • County Cricket Ground, Bishopston BS7 9EJ
  • Legal Packs via our website

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Telephone: 0117 973 4940

Email: admin@maggsandallen.co.uk

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The above is offered for indicative purposes only and should not be relied upon. Rates will vary lender to lender and subject to the customer’s specific circumstances. Fee’s may also apply.

Property Details

A substantial five storey mid-terraced commercial investment, situated in a prime position on Park Street close to College Green. The accommodation comprises a ground floor shop (approx 1,000sqft) with basement storage and 3 floors of offices above. The property is currently let at £46,000pa offering potential to increase or redevelop the upper parts (subject to obtaining the necessary consents and vacant possession). A rare opportunity to purchase a freehold investment in this location.

FOR SALE BY AUCTION -

This property is due to be auctioned on the 18th June 2019 at The Grace Room, The Bristol Pavilion, County Ground, Nevil Road, Bishopston, Bristol at 7pm.

VIEWING -

Thursdays 3.00pm - 3.30pm

SUMMARY -

FREEHOLD COMMERCIAL INVESTMENT IN CENTRAL BRISTOL

DESCRIPTION -

A substantial period building arranged as a large ground floor shop with additional basement storage and 3 floors of office accommodation above. The property is fully let producing £46,000 per annum with two of the tenants currently holding over. We would suggest that the market rent for the building is closer to £60,000 per annum, although if vacant possession could be obtained the upper parts may offer potential for conversion to residential accommodation, subject to obtaining the necessary consents.

LOCATION -

The property is situated in a fantastic position towards the bottom of Park Street in the centre of Bristol, close to the junction with St Georges Road and College Green.

FLOOR PLAN -

The floor plan is provided for indicative purposes only and should not be relied upon.

SCHEDULE OF ACCOMODATION (Approximate Floor Areas) -

Shop: 1,000sqft
Basement: 1,160sqft
First Floor: 500sqft
Second Floor: 530sqft
Top Floor: 540sqft.

The above floor areas are provided for indicative purposes only. The shop area has been calculated on a Gross Internal Area basis, the offices are provided based on a Net Internal Area.

LEASE DETAILS -

Ground Floor Shop & Basement (shaded blue): Let on a 10 year lease from 29/9/2013 at an annual rent of £35,000. We understand a rent review was due in September 2018 although no action was taken and time is not of the essence. The rent review could therefore be actioned retrospectively.

First Floor (shaded pink): Let on a 5 year term from 29/9/2017 at an annual rent of £4,500 increasing by £250 each year.

Second Floor (shaded green): We understand that the tenant is holding over at an annual rent of £3,500.

Third Floor (shaded yellow): We understand the tenant is also holding over at an annual rent of £3,000.

ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -

Rating: TBC

SOLICITOR -

Mr S Parker
Barcan + Kirby
199a Whiteladies Road
Clifton
Bristol BS8 2SB
Tel: 0117 905 9786
Email: s.parker@barcankirby.co.uk

BUYER'S PREMIUM -

Please be advised that all purchasers are subject to a £1,000 plus VAT (£1,200 inc VAT) buyer's premium payable upon exchange of contracts.

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*GUIDE PRICE -

Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

RESERVE PRICE -

The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

PROXY BIDDING -

If you are unable to attend the auction then you can submit a proxy bid. This will authorise a representative of Maggs & Allen to bid on your behalf up to a pre-set amount. The proxy bidding form is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and 2 cheques (one for the 10% deposit and one for the buyer's premium of £1,200 inc VAT) is required by the auction department no later than 4pm on the day of the auction.

ATTENDING THE AUCTION -

If you are intending to bid and are successful, the following will be required:

* Proof of identity (valid passport or photo driving licence).
* Proof of address (bank statement, recent utility bill, council tax bill or tenancy agreement).
* 10% deposit payment.
* Buyer's premium payment.
* Details of your solicitor.

DEPOSIT & BUYER'S PREMIUM PAYMENTS -

Forms of acceptable payment:

* Cheque
* Bankers Draft
* Debit Card Payment

For card payments:
Please ensure that you advise your bank of the potential payment prior to the auction.

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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.