FANTASTIC INVESTMENT / BREAK-UP OPPORTUNITY - 2 X FLATS
A freehold three storey building arranged as two self-contained flats on William Street in Totterdown, within close proximity to Wells Road. The property comprises 1 x 2-bedroom maisonette & 1 x 1-bedroom garden flat. The property is partially let producing £10,800per annum however there is potential to increase the income significantly by letting the garden flat as well as increasing the rent of the maisonette in line with market level. Once fully let we would anticipate a figure in the region of £34,800per annum. Alternatively, the property presents a superb break-up opportunity whereby the flats could be sold off separately following cosmetic improvements.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 21 March 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £407,000 - FREEHOLD BLOCK OF FLATS - TOTTERDOWN - RENTAL POTENTIAL OF £34,800PA
DESCRIPTION -
A freehold three storey building arranged as two self-contained flats on William Street in Totterdown, within close proximity to Wells Road. The property comprises 1 x 2-bedroom maisonette & 1 x 1-bedroom garden flat. The property is partially let producing £10,800per annum however there is potential to increase the income significantly by letting the garden flat as well as increasing the rent of the maisonette in line with market level. Once fully let we would anticipate a figure in the region of £34,800per annum. Alternatively, the property presents a superb break-up opportunity whereby the flats could be sold off separately following cosmetic improvements.
LOCATION -
Nestled between Wells Road and Victoria Park, 61 William Street provides excellent access to arrange of amenities on Oxford Street, as well as being a short distance from Bristol Temple Meads.
ACCOMMODATION & RENTAL/RESALE VALUES -
Please refer to floorplan for approximate room measurements and internal layout.
GARDEN FLAT (61A) -
Occupying the basement level with its own private entrance, the flat comprises a double bedroom with bay window, an open-plan kitchen/living room and a bathroom with a private garden to the rear. The flat is offered for sale with vacant possession although we would anticipate the following rental and resale values: £1,200 pcm / £250,000.
MAISONETTE (61) -
Arranged over ground and first floor levels with its own private entrance, the maisonette comprises a living room with bay window, a separate kitchen/diner, a bathroom and two double bedrooms. The maisonette is currently let on an AST producing £900 pcm, which is well below market value. We would anticipate the following rental and resale values following cosmetic improvements: £1,700 pcm / £325,000.
TENURE -
The property is for sale on a freehold basis, subject to the AST on the maisonette.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Ratings:
Ground Floor Flat - C
Maisonette - C
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.
