67-69, High Street, Nailsea, Bristol, BS48 1AW

Auction Guide £1,850,000 - For Sale

14
  • 23 May 2024 LIVE ONLINE AUCTION
  • Prime freehold investment/break-up opportunity
  • 14 newly constructed/converted flats
  • Potential rental income in excess of £151,000 PA plus service charge
  • Break-up values of circa £2.7M
  • 8-week completion



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A substantial three storey freehold property comprising 14 newly converted/constructed one-bedroom apartments over the first and second floors with 4 retail units that have been sold off on a long leasehold basis. The majority of the apartments are currently let producing £900 pcm which will equate to an annual income of circa £151,200 once fully occupied. The apartments have been finished to a high standard with modern kitchens/bathrooms and neutral decor throughout. A superb rental investment situated in the heart of Nailsea town centre or potential break-up opportunity with potential sales figures totalling circa £2,700,000.

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 23 May 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWINGS -

By appointment.

SUMMARY -

SUBSTANTIAL FREEHOLD INVESTMENT - 14 NEWLY CONSTRUCTED/CONVERTED FLATS

DESCRIPTION -

A substantial three storey freehold property comprising 14 newly converted/constructed one-bedroom apartments over the first and second floors with 4 retail units that have been sold off on a long leasehold basis. The majority of the apartments are currently let producing £900 pcm which will equate to an annual income of circa £151,200 once fully occupied. The apartments have been finished to a high standard with modern kitchens/bathrooms and neutral decor throughout. A superb rental investment situated in the heart of Nailsea town centre or potential break-up opportunity with potential sales figures totalling circa £2,700,000.

LOCATION -

The property is situated on the High Street in the heart of Nailsea town centre with parking available in Station Road car park to the rear. Easy access is provided to Bristol and the M5 motorway.

ACCOMMODATION -

Please refer to floorplan for approximate room measurements and internal layout.

GROUND FLOOR -

Comprising four retail units (sold off on a long leasehold basis) with stairs to the first floor and bin and bicycle stores for the 14 apartments.

FIRST FLOOR -

Comprising 7 self-contained modern one-bedroom flats.

SECOND FLOOR -

Comprising 7 self-contained modern one-bedroom flats.

TENANCY DETAILS -

The majority of the flats are let on Assured Shorthold Tenancy agreements producing £900 pcm. Flat 12 has been intentionally left vacant for the purposes of carrying out viewings. Please refer to the online legal pack for copies of the tenancy agreements.

SERVICE CHARGE -

We understand from the vendor that a service charge of £250 pcm per retail unit will be payable to the freeholder (£12,000 per annum). Please refer to the online legal pack for further details.

COMPLETION -

Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.

TENURE -

The property is for sale on a freehold basis, subject to the ASTs of the tenanted flats and the long leasehold titles of the ground floor commercial units that have been sold.

ENERGY PERFORMANCE CERTIFICATES (EPCs) -

Flats 1-4: Energy Rating - D
Flats 5-14: Energy Rating - C.

*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.

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

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.

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.

Floorplan for High Street, Nailsea, Bristol