SOLD PRIOR. A substantial corner property comprising a triple fronted ground floor restaurant (approx. 1,500 sq ft) with 2 spacious flats above( 1 x 2-bed flat and 1 x 4-bed flat). The property is in need of refurbishment and offers potential for complete redevelopment to provide a scheme of various flats, subject to obtaining the necessary consents. Alternatively, the property offers excellent rental potential as a mixed-use investment. The property is situated in a prominent position in the heart of Westbury-On-Trym village.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 4th November 2021 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
A prominent and substantial two storey corner property (over 2,900 sq ft) arranged as a triple fronted ground floor restaurant (which we are informed provides approximately 100 covers) with 2 large flats above (1x two bedroom flat and 1x four bedroom flat). The property would make for an ideal mixed-use investment with a potential rental income in the region of £60,000 per annum but also offers potential for conversion of the whole property to a scheme of several flats (perhaps 4-5), subject to obtaining the necessary consents.
The property is situated in a prominent position on the junction of Passage Road, Henbury Road and the High Street in Westbury-On-Trym. The village offers a wide range of local shops, bars and restaurants and provides easy access to Cribbs Causeway and the M5/M4.
RENTAL POTENTIAL -
Following the refurbishment works we would anticipate the following rental figures for the respective parts of the building in its current arrangement:
GROUND FLOOR RESTAURANT: £25,000 Per Annum
2-BEDROOM FLAT: £1,000 pcm (£12,000 Per Annum)
4-BEDROOM FLAT: £2,000 pcm (£24,000 Per Annum)
Total Gross Income: £61,000 Per Annum
Offered for sale on a freehold basis with vacant possession.
Please refer to floor plan for approximate room measurements and internal layout.
GROUND FLOOR -
Arranged as a triple fronted restaurant with spacious rear kitchen and toilets, formerly trading as the British Raj.
FIRST FLOOR - FLAT 1 -
Arranged to provide a kitchen, lounge, two bedrooms and a shower room.
FIRST FLOOR - FLAT 2 -
Arranged to provide a lounge, four bedrooms, a shower room and kitchen.
There is a small courtyard to the rear with pedestrian rear access and an external staircase to the first floor flats.
ENERGY PERFORMANCE CERTIFICATE -
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.
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.
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.