SUBSTANTIAL COMMERCIAL INVESTMENT WITH REDEVELOPMENT POTENTIAL
The property comprises a pair of adjoining commercial buildings arranged as a ground floor retail unit and a further shop/office with additional first floor offices spanning across both buildings. The property is fully-let producing £16,000 per annum on two separate leases, which expire in December 2025. The property is situated in a prominent position on Gloucester Road in Patchway and benefits from off-street parking to the rear.
The current rents are well below market level and there is scope to increase at the end of the current lease terms. Alternatively, once the leases have expired, there is potential to redevelop the buildings to provide residential accommodation on the first floor/rear of the property, subject to consents.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 25 April at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £386,000 - SUBSTANTIAL COMMERCIAL INVESTMENT WITH REDEVELOPMENT POTENTIAL
DESCRIPTION -
The property comprises a pair of adjoining commercial buildings arranged as a ground floor retail unit and a further shop/office with additional first floor offices spanning across both buildings. The property is fully-let producing £16,000 per annum on two separate leases, which expire in December 2025. The property is situated in a prominent position on Gloucester Road in Patchway and benefits from off-street parking to the rear.
The current rents are well below market level and there is scope to increase at the end of the current lease terms. Alternatively, once the leases have expired, there is potential to redevelop the buildings to provide residential accommodation on the first floor/rear of the property, subject to consents.
LOCATION -
The property is situated in a prominent trading position on the A38 Gloucester Road in Patchway. Excellent transport links are provided to the city centre, Cribbs Causeway and the motorway networks.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
65 GLOUCESTER RD & FIRST FLOOR - 67 GLOUCESTER RD -
The property comprises a solicitor's office arranged to provide a reception, meeting room, kitchen, WC, offices and store rooms on the ground floor of no. 65. The first floor accommodation spans across no. 65 and no. 67 and is arranged to provide nine further offices with toilet facilities.
GROUND FLOOR - 67 GLOUCESTER RD -
Comprising a ground floor retail unit trading as a picture framers/gallery that is arranged to provide a main retail area, rear workshop, kitchen, WC and stores.
LEASE DETAILS -
The property is let on two separate commercial leases until 31st December 2025 at the following rents:
65 Gloucester Road & First Floor 67 Gloucester Road - Let to Hoole & Co Solicitors at £13,000 per annum.
Ground Floor 67 Gloucester Road - Let to Imagination Picture Framing at £3,000 per annum.
TOTAL: £16,000 PER ANNUM
TENURE -
The property is to be sold on a freehold basis, subject to the commercial leases above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -
65 Gloucester Road - E
67 Gloucester Road - D
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 - £150,000: £5,000
£151,000 and above: £10,000
If you 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 houra of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you within 5 working days.
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.
