Cleeve Lodge Road, Downend, Bristol

Guide Price £100,000 - For Sale

  • For Sale By Public Auction
  • Tuesday 3rd November 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

GUIDE PRICE: £100,000 - £125,000 A fantastic opportunity to purchase a block of 10 lock-up garages with additional land to the sides and rear, situated in a popular residential location in Downend. The garages are currently fully-let producing £7,272 per annum with potential to increase the rents to circa £9,000 per annum. The land and garages may also offer potential for redevelopment, subject to obtaining the necessary consents.

FOR SALE BY AUCTION -

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.

VIEWING -

By appointment

SUMMARY -

BLOCK OF 10 LOCK-UP GARAGES WITH POTENTIAL

DESCRIPTION -

A rank of 10 lock-up garages, all with secure up and over doors, situated at the end of a quiet residential cul de sac in Downend. The site includes land to the sides and rear and they may be scope for redevelopment, subject to consents. The garages are currently fully let producing £7,272 per annum. Many of the garages are let below market value and there is potential to increase the overall rent to circa £9,000 per annum. An excellent opportunity for investors and developers.

LOCATION -

The land and garages are situated to the rear of Deanna Court, a purpose built block of flats accessed via Cleeve Lodge Close off Cleeve Lodge Road. The land to the rear of the garages backs onto Westerleigh Road. A wide range of amenities are available locally on Badminton Road and excellent transport links are provided to the A4174 Ring Road and motorway network.

TENANCY DETAILS -

All of the garages are let on licence agreements producing a total rent of £606 per calendar month (£7,272 per annum). A number of the garages are currently let below market value and there is potential to increase the annual rent to circa £9,000 per annum. Copies of the agreements for each garage will be available in the online legal pack.

SOLICITOR -

James Corrigan, Lyons Davidson
Tel: 0117 904 5791
Email: jcorrigan@lyonsdavidson.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.

*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 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.

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PRELIMINARY DEPOSITS -

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.

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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.