Merchants Road, Hotwells, Bristol BS8 4PZ

Guide Price £325,000 - For Sale

  • For Sale By Public Auction
  • Tuesday 28th July 2020
  • Remote Online, Proxy & Telephone Auction
  • Legal Packs via our website

REMOTE BIDDING FORM

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 mixed-use investment property comprising a Veterinary Practice on the ground and basement levels with an additional 4-bedroom HMO on the floors above. The property is fully let producing approximately £23,300pa, although we suggest that the current rental income from the HMO (£325pcm per room) is well below market value and could be increased to circa £400 - £450pcm per room. This would result in a total rent for the building in the region of £28,200 - £30,600pa. 8 WEEK COMPLETION AVAILABLE

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 28th July 2020 at 5.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWING -

By appointment

SUMMARY -

FIVE STOREY MIXED-USE INVESTMENT - VETS WITH 4-BEDROOM HMO ABOVE

DESCRIPTION -

The property is arranged as a ground floor Veterinary Practice with additional basement storage and a 4-bedroom House of Multiple Occupancy (HMO) above. The maisonette above also provides a large kitchen/living room with two showers and WCs.

LOCATION -

The property is situated in a prominent location in Hotwells providing easy access to the Cumberland basin, Bristol City Centre and Millennium Square.

TENANCY INFORMATION: -

VETERINARY PRACTICE -

The ground and basement floors are let to Independent Vetcare Limited (Company No. 07746795) at a passing rent of £9,000pa on an effectively a Full Repairing and Insuring basis for a term of 5 years from October 2017. Independent Vetcare Limited are a leading veterinary service providing over 1,300 clinics and hospitals across Europe.

MAISONETTE -

The rooms are currently let on Assured Shorthold Tenancy terms for a period of 11 months at a rent of approximately £325pcm until 30/6/2020 (including water rates). We understand the tenancy for the maisonette has been agreed at the same rent from 6th June for a further 11 months. We consider this to be a low rent and suggest there is potential to increase the rent to a figure in the region of £400-£450pcm (exclusive of bills) over a 12 month period.

ENERGY PERFORMANCE CERTIFICATE -

Rating:
Ground/Basement: C (May 2017)
Maisonette: E (May 2017)

SOLICITOR -

Mr J Corfield, Corfield Solicitors
Telephone: 0117 968 8890
Email: jonathan@corfieldsolicitors.com

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.

*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, TELEPHONE & ONLINE REMOTE BIDDING -

The auction will auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which 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 a cheque/bank transfer for the deposit and buyer's premium must be received no later than 24 hours before the date of 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.