A larger than average end of terrace period property that is currently arranged as a licenced 4-bedroom
HMO. The property is currently let producing £2,200 pcm (£26,400 pa) and there is scope to increase the rents following a cosmetic refurbishment. There is also scope to restore the property to a single family house at the end of the current tenancy. There is an enclosed front garden and a courtyard garden to the rear. Situated in a central location in Montpelier, easy access is provided to Bristol city centre and the M32.
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 -
END TERRACED PERIOD PROPERTY - LICENCED 4-BEDROOM HMO LET AT £26,400 PA
DESCRIPTION -
A larger than average end of terrace period property that is currently arranged as a licenced 4-bedroom HMO. The property is currently let producing £2,200 pcm (£26,400 pa) and there is scope to increase the rents following a cosmetic refurbishment. There is also scope to restore the property to a single family house at the end of the current tenancy. There is an enclosed front garden and a courtyard garden to the rear.
LOCATION -
The property is situated on Brook Road in Montpelier on the corner of West Grove. Easy access is provided to the city centre and a wide range of local amenities are available on the popular Picton Street.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
GROUND FLOOR -
Comprising an entrance hall, living room/bedroom and a kitchen/dining/living room with door onto the rear garden.
FIRST FLOOR -
Comprising three double bedrooms and a bathroom.
TENANCY DETAILS -
The property is currently let to students on an Assured Shorthold Tenancy agreement producing £2,200 pcm until 30th June 2024. Please refer to the online legal pack for a copy of the AST.
TENURE -
The property is to be sold on a freehold basis, subject to the AST above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
HMO LICENSING & PLANNING -
HMO licensing regulations and planning requirements are subject to regular changes, updates and even individual interpretations by the Local Authority. Prospective buyers are therefore required to make their own enquiries with the Local Authority and review the documents contained in the auction legal pack fully to satisfy themselves that the property is compliant in this respect. Maggs & Allen accept no liability in the event that any Licensing or Planning requirements/documents are not in order at the point of sale.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: D
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 - £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.
