This property is due to feature in our online auction on 3rd November 2020 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
3 NOVEMBER AUCTION - SUBSTANTIAL MIXED-USE INVESTMENT WITH REDEVELOPMENT POTENTIAL
A mixed-use investment property comprising a currently let ground floor shop, a maisonette above and a substantial rear extension, providing an annexe which is internally connected to the upper floors. Both the maisonette and the rear annexe are in need of refurbishment and could be subdivided to create two dwellings or a HMO.
Please refer to floorplan for approximate room measurements and internal layout.
Ground floor shop: We have been informed that the shop is currently let at a passing rent of £10,000pa. We would anticipate a current market rent of £10,000-£12,000 should the shop become vacant and offered to let on a full repairing and insuring basis.
There is scope to divide the residential aspect of the property once refurbished. We have considered the market rent of the upper/rear parts on the following 2 bases:
Refurbishment of existing accommodation to create a 4 Bedroom HMO - circa £400PCM per room (£19,200PA).
Subdivision of the upper/rear parts to create a 2-bedroom maisonette above the shop (circa £950PCM) and the annexe reconfigured to create a 1 bedroom flat (circa £825PCM). This would provide a potential rent of £21,300PA.
We would therefore anticipate a potential annual rent of £29,200-£33,300 once renovated and necessary consents/licenses have been completed.
Situated in a highly convenient location on Wells Road in Knowle, the property is benefits from easy access to local amenities and is within close proximity to the Broad Walk Shopping Centre. There is also excellent access to the city centre from Wells Road via bus, car or bicycle.
Currently occupied by a nail salon, the shop comprising a large open-plan shop floor, kitchen, WC and two further rooms to the rear with access to the back courtyard.
Comprising a loft room/bedroom with en-suite, large first-floor lounge/diner and kitchen. The main entrance to the maisonette is via an external staircase to the rear, access is provided through the rear courtyard from Greenmore Road.
Comprising a bedroom, reception room and further reception room that can also be accessed from the maisonette on the first floor and an entrance room on the ground floor followed by a WC and reception room. There is also an external store room that would be ideally suited for bike/bin storage.
Comprising a courtyard that is accessed via a small lane from Greenmore Road. There is rear access from the courtyard to both the annexe, maisonette (via a metal staircase leading to the first floor) and the ground floor shop.
Completion for this lot will be 8 weeks or sooner by mutual agreement.
Andrew Stone, Cooke Painter Ltd
Telephone: 0117 971 4074
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.
The 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 Preliminary Deposit must be received no later than 24 hours before the date of the auction.
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000
If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,200 inc VAT) must be transferred to our client account within 24 hours of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you.
Maggs & Allen use all reasonable endeavours 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.