This property is due to be auctioned on the 24th February 2020 at The Grace Room, The Bristol Pavilion, County Ground, Nevil Road, Bishopston, Bristol at 7pm.
SUBSTANTIAL MIXED-USE INVESTMENT - 2 SHOPS & 2 FLATS LET AT £24,840PA WITH POTENTIAL TO INCREASE
A substantial double fronted property comprising two extended retail units benefiting from rear access and two first floor one bedroom flats. The property is fully let producing £24,840pa although we suggest the market rent should be in the region of £30,000pa. The property also offers potential for further redevelopment to the rear should the tenants vacate, subject to obtaining the necessary consents.
Situated on a busy parade on Lodge Causeway located between Fishponds Road and Two Mile Hill Road, Kingswood. Neighbouring occupiers include Tesco Express, Coral, Brandon Hire and numerous other local traders.
A floor plan is provided for indicative purposes only and should not be relied upon.
302 Lodge Causeway (Budget Booze): Approx. 1200 sq ft /111.5 sq m
304 Lodge Causeway (Bell Hill Carpets): Approx. 680 sq ft / 63 sq m
302a First Floor Flat: 1 Bedroom self-contained flat
304a First Floor Flat: 1 Bedroom self-contained flat
302 Lodge Causeway (Trading as Budget Booze): Let at £8,400pa on an effectively full repairing and insuring terms (recovered by way of service charge) for a term of 16 years from 4 December 2007 subject to 4 yearly rent reviews. We understand a review is therefore due in December 2019.
304 Lodge Causeway (Trading as Bell Hill Carpets): The tenant currently pays £3,600pa although we understand that there is no formal lease in place. We suggest a market rent closer to £7,500pa may be a more accurate reflection of the market rent.
302a (First FLoor Flat): Let at £575pcm on an assured shorthold tenancy basis.
304a (First FLoor Flat): Let at £495cm on an assured shorthold tenancy basis which we consider to be a low rent given the level of rent next door.
The rateable values with effect from April 2017 are:
302 Lodge Causeway - £7,800
304 Lodge Causeway - £6,100
Ratings: No. 304: D, No. 302: D, No. 304a: F, No. 302a: G
Mr P Hogan, Henriques Griffiths
Tel: 0117 909 8451
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.
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.
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.
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.
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.
Forms of acceptable payment:
* Bankers Draft
* Debit Card Payment
For card payments:
Please ensure that you advise your bank of the potential payment prior to the auction.
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.