***MIXED USE INVESTMENT IN CENTRAL LOCATION***
Opportunity to purchase a substantial mixed use investment comprising a bar occupying the ground floor and basement with 2 x 1 bedroom flats above. The property is fully let producing a gross income of £38,460pa plus service charge. Situated in a corner position on West Street and Midland Road, Old Market the property benefits from easy access to Bristol city centre, Temple Meads and Cabot Circus.
DESCRIPTION -
Substantial mixed use investment comprising a bar with 2 x 1 bedroom flats.
We understand the bar is let on a 10 year Full Repairing and Insuring lease recovered by way to a service charge from October 2018 to sole trader at a passing rent of £15,000pa.
The flats are let as follows:
4a West Street - £960pcm
4b West Street - £995pcm
Therefore the property is fully let producing a gross income of £38,460pa.
LOCATION -
Situated in a corner position on West Street and Midland Road providing easy access to the M32 motorway and within close proximity to the Bristol City Centre, Cabot Circus and Temple Meads Train Station. Old Market is home to a variety of independent businesses and with various redevelopment projects underway is becoming an increasingly popular location.
TENURE -
Understood to be Freehold.
FLOOR PLAN -
The floor plan is provided for indicative purposes only and is not to be relied upon.
Floor plan for the upper floors to follow in due course.
ENERGY PERFORMANCE CERTIFICATE -
GF rating: E
Flat 4a rating: C
Flat 4b rating: C
BUSINESS RATES -
The rateable value for the bar effective from April 2017 as per the VOA website is £4,300.
LEGAL COSTS -
Each party to incur their own respective legal fees.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated. Please note VAT is applicable to the bar.
VIEWING -
As an actively trading business viewings are strictly by appointment with Maggs & Allen.
CONTROL OF ABSESTOS REGULATIONS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for asbestos and therefore recommend all interested parties to make their own enquiries.
