BLOCK OF FLATS FOR AUCTION
An exciting investment opportunity comprising of 4 x 1-bedroom self-contained flats with parking. The flats are fully-let producing £34,020 per annum (with potential to increase to circa £37,200 per annum) with an additional income received for the solar panels on the roof. Situated in a highly convenient location in Patchway with easy access to Cribbs Causeway and the motorway network, this well-presented block of flats presents an excellent continued rental investment or potential break-up opportunity. The block occupies a generous plot with parking to the front and rear and land to either side that may offer potential for further development, subject to consents.
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.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £489,000 - FREEHOLD BLOCK OF FLATS WITH PARKING - LET PRODUCING £34,020 PA
DESCRIPTION -
A freehold block of four, 1-bedroom self-contained flats with parking. The flats are fully-let producing £34,020 per annum (with potential to increase to circa £37,200 per annum) with an additional income received from the solar panels on the roof. Situated in a highly convenient location in Patchway with easy access to Cribbs Causeway and the motorway network, this well-presented block of flats presents an excellent continued rental investment or potential break-up opportunity. The block occupies a generous plot with parking to the front and rear and land to either side that may offer potential for further development, subject to consents.
LOCATION -
The property is situated on Kestrel Close off Coniston Road in Patchway and provides easy access to The Mall at Cribbs Causeway along with a range of local employers including Rolls, Royce and Airbus. The new Bristol Arena will also be a short distance from the property.
ACCOMMODATION -
FLAT 1: Comprising an entrance porch, kitchen/living room, double bedroom and bathroom.
FLAT 2: Comprising an entrance porch, kitchen/living room, double bedroom and bathroom.
FLAT 3: Comprising an entrance porch, kitchen/living room, double bedroom and bathroom.
FLAT 4: Comprising an entrance porch, kitchen/living room, double bedroom and bathroom.
RENTAL DETAILS -
The flats are currently let on ASTs producing the following rents. Three of the flats are currently under-let and the potential market rents are included in brackets below.
FLAT 1: £680 pcm (£775 pcm)
FLAT 2: £680 pcm (£775 pcm)
FLAT 3: £775 pcm (£775 pcm)
FLAT 4: £700 pcm (£775 pcm)
TOTAL: £34,020 Per Annum (£37,200 Per Annum)
We are informed by the seller that in addition to the rental income from the flats, they also receive approximately £3,000 - £4,000 per annum from British Gas for the electricity generated from the solar panels. Please refer to the legal pack for further information.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATES -
Ratings:
Flat 1: C
Flat 2: C
Flat 3: B
Flat 4: B
TENURE -
The property is for sale on a freehold basis, subject to the ASTs detailed above. Please refer to the legal pack for copies of the ASTs.
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.
