A freehold corner property arranged as 4 x 1-bedroom flats (two of which have been sold off on long leases that produce a ground rent income of £500 per year). The remaining two flats are currently let producing £15,600 per annum with potential to increase to circa £18,000 per annum. Full planning consent has been granted to extend the ground floor flat to the front and convert the loft space to provide a bedroom and study connected to the rear first floor flat. An excellent investment/development opportunity situated in a highly convenient location with easy access provided to both Kingswood and Fishponds.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 19 September 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
FREEHOLD BLOCK OF FLATS WITH PLANNING TO EXTEND/CONVERT THE LOFT
DESCRIPTION -
A freehold corner property arranged as 4 x 1-bedroom flats (two of which have been sold off on long leases that produce a ground rent income of £500 per year). The remaining two flats are currently let producing £15,600 per annum with potential to increase to circa £18,000 per annum. Full planning consent has been granted to extend the ground floor flat to the front and convert the loft space to provide a bedroom and study connected to the rear first floor flat. An excellent investment/development opportunity situated in a highly convenient location with easy access provided to both Kingswood and Fishponds.
LOCATION -
The property is situated on the corner of Charlton Road and King John's Road in Kingswood. Easy access is provided to a wide range of local amenities in Kingswood/Fishponds and excellent transport links are provided to the city centre.
SCHEDULE OF ACCOMMODATION -
FLAT A - Rear ground floor flat (sold off on a 125 year lease from June 2018).
FLAT B - One-bedroom ground floor flat situated at the front of the building.
FLAT C - One-bedroom first floor flat situated at the rear of the building.
FLAT D - Front first floor flat (sold off on a 125 year lease from January 2019).
PLANNING -
Full planning consent has been granted for a single storey front extension to Flat 214B; and a roof conversion together with a rear dormer in order to extend Flat 214C into the loft space under Application No. 21/06070/F.
TENANCY DETAILS -
FLAT B - Currently let on an AST producing £750 pcm.
FLAT C - Currently let on an AST producing £550 pcm (potential to increase to £750 pcm).
TENURE / GROUND RENTS -
The property is for sale on a freehold basis, subject to the long-leasehold interests of Flat 214A and Flat 214D that have been sold off.
FLAT 214A - Sold on a 125 year lease from June 2018, subject to a yearly ground rent of £250.
FLAT 214AD - Sold on a 125 year lease from January 2018, subject to a yearly ground rent of £250.
The sale is also subject to the Assured Shorthold Tenancies of Flat 214B and Flat 214C as detailed above.
SECTION 5B NOTICES -
Section 5B Notices have been served on the leaseholders of Flat 214A and Flat 214D and the leaseholders have NOT reserved their rights.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating
Flat B: D
Flat C: E
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 £1,500 plus VAT (£1,800 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 (£1,800 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 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.
