A mixed-use investment property arranged as a ground floor shop with detached rear garage, with a self contained and fully refurbished first floor two bedroom flat. The shop is let on an effectively fully repairing and insuring basis at £12,000 and whilst the flat is currently vacant, we would anticipate a rent of approx. £1,200-£1,300pcm. The property therefore offers the potential to produce a gross annual rent in the region of £26,400 - £27,600pa.
The property is situated in a popular location on the borders of Westbury Park, Redland and Bishopston, in a mixed parade of shops and amenities.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 15 February 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD PRIOR - MIXED-USE INVESTMENT IN PRIME LOCATION - POTENTIAL RENT IN EXCESS OF £27,000 PA
DESCRIPTION -
A mixed-use investment property arranged as a ground floor shop with detached rear garage, plus a self contained and fully refurbished first floor two bedroom flat. The shop is let on an effectively fully repairing and insuring basis at £12,000pa. The flat is currently vacant but we would anticipate a rent of approx. £1,200-£1,300pcm. The property therefore offers the potential to produce a gross annual rent in the region of £26,400 - £27,600pa.
The shop is let to a gardening services company and is currently being refurbished. The flat has recently been fully refurbished to include a full re-wire, new gas central heating, and a new contemporary kitchen and shower room.
LOCATION -
The property is situated on the borders of Westbury Park and Bishopston in a mixed parade of shops and amenities.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
SHOP LEASE DETAILS -
The shop (and garage) is let to the Gardeners South West Limited on a term from the 6th October 2022 to the 4th May 2026 at a current rent of £12,000pa on an effectively fully repairing and insuring basis, excluded from Sections 24-28 of The Landlord & Tenant Act 1954.
FLAT -
The flat is offered for sale with vacant possession although we would anticipate a market rent in the region of £1,200-£1,300pcm. There is also potential to rent the flat by the room (subject to obtaining the necessary consents).
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Shop Rating: D (valid to April 2032)
Flat Rating: C (valid to Feb 2033).
BUSINESS RATES -
The Rateable Value with effect from April 2023 is £6,500.
The flat has a council tax Band B.
TENURE -
The property is offered for sale on a freehold basis subject to the lease details as below.
LETTING - WHAT CAN MAGGS & ALLEN ACHIEVE FOR YOU? -
Maggs & Allen's experienced letting team are happy to discuss the rental of this property and can advise on maximising the investment. We offer Full Management, Let Only and Rent Collection Services. Contact Jessica Archer and her team on 0117 9499000 or email lettings@maggsandallen.co.uk.
AUCTION OR BRIDGING FINANCE REQUIRED? -
Do you need a mortgage or loan quickly? Maggs & Allen have specialist Independent Brokers who can arrange residential and commercial finance on all types of property. Contact the Auction Team today to be put through to our mortgage and loan experts on 0117 9734940 or email admin@maggsandallen.co.uk
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,250 plus VAT (£1,500 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 (£1,500 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.
RENTAL ESTIMATES -
All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
