SOLD PRIOR. A mixed-use investment property comprising a ground floor shop of approx. 700 sq ft with an additional self-contained spacious first floor flat above. The property is currently let at £16,000pa although the lease is now up for renewal and the tenants would like to renew their lease term. Situated in a prominent position in a varied parade of shops on Stoke Lane, the property presents an excellent investment or potential break-up opportunity. EXTENDED 8 WEEK COMPLETION AVAILABLE.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 29th July 2021 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
A mixed-use investment property comprising a ground floor shop of approximately 700 sq ft, with a spacious one-bedroom first floor flat above. The property is currently let to one tenant at £16,000 per annum, the lease is now up for renewal and we understand the tenants would like to renew. The flat also offers potential to reconfigure to create a two bedroom apartment, subject to obtaining vacant possession.
The property is situated in a prominent trading position in a varied rank of shops on Stoke Lane in the heart of Westbury On Trym, an affluent suburb in North Bristol. Easy access is provided to Durdham Downs and the M5 motorway via Falcondale Road/Passage Road.
Please refer to floor plan for approximate room measurements and internal layout.
GROUND FLOOR -
Arranged as a hair salon with rear wash room, kitchen and WC.
FIRST FLOOR -
Arranged as a landing with access to all rooms, a large double bedroom, lounge, separate kitchen and shower room.
There is a large courtyard to the rear with access via a rear lane.
LEASE DETAILS -
We understand the tenants have been in occupation since 2009 and the last 6 year term ended in July 2020. That lease was drafted on a fully repairing and insuring basis and allowed for a 3 year rent review and tenant break option and was excluded from Sections 24-28 of The Landlord & Tenant Act.
The term was extended for a further year from 10th July 2020 and is subject to a current rent of £16,000pa.
We understand the tenants would now like to renew the term.
Please refer to the legal pack for copies of the leases and the agreement to continue.
ENERGY PERFORMANCE CERTIFICATE -
Ground Floor Shop: D
First Floor Flat: G
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.