SOLD FOR £550,000 - A substantial three-storey mixed-use investment property arranged to provide a ground floor estate
agent's office with 3 self-contained flats above (2 x 2-bedroom flats and 1 x 1-bedroom flat). The property is situated in a prime corner position on Fishponds Road and is fully-let producing £45,040 per annum with scope to increase the rental income. An excellent and high-yielding investment opportunity.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 21 March 2023 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £550,000 - FREEHOLD MIXED-USE INVESTMENT - LET PRODUCING £45,040 PA
DESCRIPTION -
A substantial three-storey mixed-use investment property arranged to provide a ground floor estate
agent's office with 3 self-contained flats above (2 x 2-bedroom flats and 1 x 1-bedroom flat). The property is situated in a prime corner position on Fishponds Road and is fully-let producing £45,040 per annum with scope to increase the rental income. An excellent and high-yielding investment opportunity.
LOCATION -
The property is situated in one of the busiest trading positions on Fishponds Road with access to the flats from the quieter New Station Road. A wide range of local amenities are available on the doorstep including Natwest Bank, Coffee #1 and both Aldi and Lidl Supermarkets. Excellent transport links are also provided to the city centre.
ACCOMMODATION/RENTAL DETAILS -
GROUND FLOOR OFFICE -
The ground floor commercial premises is arranged to provide a main sales office, rear office and store, kitchen and WC. The property is let on a commercial lease for a term of 10 years from 25 December 2014 at a passing rent of £16,000 per annum. We would anticipate a current market rent for the ground floor office of circa £18,000 per annum.
FLAT 1A -
A well-presented first floor flat comprising of a kitchen/living room, two bedrooms and a shower room. The property is let on an AST producing £850 pcm.
FLAT 1B -
A well-presented first floor flat comprising of a kitchen/living room, a double bedroom and a shower room. The property is let on an AST producing £750 pcm.
FLAT 2 -
A large second floor flat comprising of a kitchen/living room, two double bedrooms with en-suite shower rooms and a separate WC. The property is let on an AST producing £820 pcm with scope to increase to circa £1,000 pcm.
TENURE -
The property is for sale on a freehold basis, subject to the occupational lease of the ground floor office and the ASTs of the 3 flats.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATES -
Ratings: Shop/Office - B / Flat 1A - D / Flats 1B & Flat 2 - E
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.
