297, Hotwell Road, Hotwells, Bristol, BS8 4NQ

£964,000 - Sold at Auction

  • Guide Price: £895,000+
  • February 2023 Auction
  • Arranged as 5 x 2-bedroom flats
  • Superb investment/break-up opportunity

BLOCK OF APARTMENTS - 5 X 2-BEDROOM FLATS
A substantial five storey Grade II listed period building arranged as five self-contained 2-bedroom flats. The flats
are presented in varying states of repair with the basement and ground floor flats needing complete refurbishment, the first and second floor flats having been partially renovated and the top floor flat being well-presented. There is a large garden to the rear and a detached double garage with access onto Little Caroline Place that may offer potential for the erection of an additional dwelling, subject to consents.

The property offers a potential rental income in excess of £80,000 per annum following the required renovation and also presents a superb break-up opportunity, whereby the flats could be renovated and sold off separately.

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 14 February 2023 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWING -

By appointment

SUMMARY -

SOLD FOR £964,000 - SUBSTANTIAL FIVE STOREY GRADE II LISTED BUILDING - ARRANGED AS 5 X 2-BEDROOM FLATS

DESCRIPTION -

A substantial five storey Grade II listed period building arranged as five self-contained 2-bedroom flats. The flats
are presented in varying states of repair with the basement and ground floor flats needing complete refurbishment, the first and second floor flats having been partially renovated and the top floor flat being well-presented. There is a large garden to the rear and a detached double garage with access onto Little Caroline Place that may offer potential for the erection of an additional dwelling, subject to consents.

The property offers a potential rental income in excess of £80,000 per annum following the required renovation and also presents a superb break-up opportunity, whereby the flats could be renovated and sold off separately.

LOCATION -

The property is situated in a fantastic location within close proximity to Bristol's harbourside which has undergone a huge transformation in recent years. Easy access is provided to the City Centre, Clifton Village and a wide range of amenities on the harbourside and Wapping Wharf.

ACCOMMODATION / RENTAL DETAILS -

BASEMENT FLAT: Entrance Hall, Living Room, Kitchen, 2 Bedrooms, Bathroom, Front Courtyard with Vaulted Store, Rear Garden. (Vacant)
HALL FLOOR FLAT: Living Room, Kitchen, 2 Bedrooms, Bathroom. (Vacant)
FIRST FLOOR FLAT: Kitchen/Living Room, 2 Bedrooms, Study, Bathroom. (Vacant)
SECOND FLOOR FLAT: Kitchen/Living Room, 2 Bedrooms, Bathroom. (Vacant)
THIRD FLOOR FLAT: Living Room, Kitchen, 2 Bedrooms, Bathroom. (Let on an AST at £900 pcm)

OUTSIDE -

The property benefits from a vaulted store room and courtyard to the front, a 70 ft garden to the rear and a detached double garage with access onto Little Caroline Place that may offer further development potential, subject to consents.

RENTAL/BREAK-UP FIGURES -

We would anticipate the following rental and sales figures for the five flats following the renovation:

BASEMENT FLAT: £1,500 pcm / £350,000
HALL FLOOR FLAT: £1,250 pcm / £285,000
FIRST FLOOR FLAT: £1,350 pcm / £300,000
SECOND FLOOR FLAT: £1,300 pcm / £285,000
THIRD FLOOR FLAT: £1,300 pcm / £275,000

TOTAL: £80,400 Per annum / GDV: £1,495,000

COMPLETION -

Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.

ENERGY PERFORMANCE CERTIFICATES -

Ratings:
Basement & Ground Floor Flats: D
First Floor, Second Floor & Top Floor Flats: C

TENURE -

We understand that the property is for sale on a freehold basis, subject to the AST on the top floor flat. Please refer to the online legal pack for confirmation.

COUNCIL TAX BANDS -

Tax Band B.

BUYER'S PREMIUM -

Please be advised that all purchasers are subject to a £1,200 plus VAT (£1,440 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 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 (£1,440 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.

Floorplan for Hotwell Road, Hotwells, Bristol