A substantial and imposing four storey period building comprising six self-contained flats (2 x two-bedroom flats and 4 x studio flats). The property is currently partially let producing £57,060 per annum and there is scope to increase the rental income to a figure in the region of £85,000 per annum once fully occupied at the market rents. An exciting opportunity to acquire a substantial Freehold investment property with superb rental potential in the heart of Redland.
DESCRIPTION -
An exciting opportunity to acquire a substantial and imposing four storey period building comprising six self-contained flats (2 x two-bedroom flats and 4 x studio flats). The property is currently partially let producing £57,060 per annum and there is scope to increase the rental income to a figure in the region of £85,000 per annum once fully occupied at the market rents. The property benefits from a good-sized south-easterly facing garden and is ideally located just 50 yards from Whiteladies Road offering a wide range of shops, bars and restaurants.
LOCATION -
The property is situated on West Park, approximately 50 yards from the popular Whiteladies Road with its wide array of amenities including coffee shops, restaurants and a number of supermarkets. Easy access is provided to the Bristol Royal Infirmary, University and Royal West of England Academy.
SCHEDULE OF ACCOMMODATION -
FLAT A - Two bedroom garden flat.
FLAT B - Ground floor studio flat.
FLAT C - Ground floor studio flat.
FLAT D - First floor studio flat.
FLAT E - First floor studio flat.
FLAT F - Second floor two-bedroom flat.
PLANNING -
An application for a Lawful Development Certificate for an Existing Use or Operation or Activity (Use of 14 West Park as 6 independent residential apartments for in excess of 4 years ) was granted on 20 May 2024 under Application No. 24/01389/CE.
TENANCY DETAILS -
FLAT A - Let on on AST dated October 2022 at £1,295 pcm.
FLAT B - Currently vacant.
FLAT C - Let on on AST dated January 2016 at £595 pcm.
FLAT D - Let on on AST dated November 2021 at £745 pcm.
FLAT E - Let on on AST dated August 2023 at £925 pcm.
FLAT F - Let on on AST dated February 2023 at £1,195 pcm.
We consider that the current rental income is below market level and we would expect to achieve approximately £1,650 pcm for the garden flat, approximately £1,450 pcm for the top floor flat and circa £1,000 pcm for each studio flat in the current market. This would equate to a total annual income of circa £85,200 per annum if fully occupied at market level with scope to increase these rents further following some cosmetic works.
LOCAL AUTHORITY -
Bristol City Council.
TENURE -
The property is for sale on a freehold basis, subject to the existing Assured Shorthold Tenancy agreements.
ENERGY PERFORMANCE CERTIFICATES (EPCs) -
FLAT A - Rating E / FLAT B - Rating D / FLAT C - Rating D / FLAT D - Rating D / FLAT E - Rating C / FLAT F - Rating E
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.
VIEWING -
Strictly by appointment with Maggs & Allen - 0117 973 4940.
