81, Bradley Avenue, Winterbourne, Bristol, BS36 1HJ

Auction Guide £375,000 - For Sale

7
  • 25 July LIVE ONLINE AUCTION
  • 6-Bedroom licenced HMO
  • Fully-let producing circa £48,600 per annum
  • Scope to increase rents and utilise a seventh bedroom
  • 8-week completion

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A substantial and extended residential investment property that is currently arranged as a licenced 6-bedroom HMO and is fully-let producing circa £48,600 per annum with potential to increase the rental income substantially following cosmetic improvements and obtaining consent for a seventh bedroom. The property already includes a seventh bedroom that is currently slightly below the minimum size for an additional HMO room but could be reconfigured to meet the minimum size requirements. The property benefits from a good-sized garden to the rear and a generous driveway to the side providing off-street parking for several vehicles. A superb investment opportunity with potential to increase the rental income substantially should consent for the seventh bedroom be obtained.

FOR SALE BY AUCTION -

This property is due to feature in our online auction on 25 July 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.

VIEWINGS -

By appointment.

SUMMARY -

SUBSTANTIAL 6-BEDROOM HMO WITH SCOPE TO EASILY CREATE A SEVENTH BEDROOM

DESCRIPTION -

A substantial and extended residential investment property that is currently arranged as a licenced 6-bedroom HMO and is fully-let producing circa £48,600 per annum with potential to increase the rental income substantially following cosmetic improvements and obtaining consent for a seventh bedroom. The property already includes a seventh bedroom that is currently slightly below the minimum size for an additional HMO room but could be reconfigured to meet the minimum size requirements. The property benefits from a good-sized garden to the rear and a generous driveway to the side providing off-street parking for several vehicles. A superb investment opportunity with potential to increase the rental income substantially should consent for the seventh bedroom be obtained.

LOCATION -

The property is situated on Bradley Avenue in Winterbourne on the northern fringes of Bristol. A range of shops and other amenities are available directly opposite the property as well as more substantially within the village centre a short walk away. Easy access is provided to the A4174 Ring Road and the M32/M4/M5 motorway network.

ACCOMMODATION -

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

GROUND FLOOR -

Comprising an entrance porch, communal kitchen/living/dining room, a cloakroom, double bedroom and a rear flat with its own living area, bedroom and en-suite shower room and private garden.

FIRST FLOOR -

Comprising four bedrooms (one currently unused) and a bathroom.

SECOND FLOOR -

Comprising a flatlet with living area and bedroom.

TENANCY DETAILS -

All of the rooms are let on ASTs at the following rents:

ROOM 1: £650 PCM
ROOM 2/REAR FLAT: £750 PCM*
ROOM 3: £650 PCM
ROOM 4: £550 PCM
ROOM 5: £700 PCM
ROOM 6/FLATLET: £750 PCM
ROOM 7: Currently unused as slightly below minimum size of 6.51m²

* Room 2 is offered as a discount from £875pcm as this trusted tenant also contractually performs other general household tasks (such as dealing with the rubbish, driveway/garden/hedge tidying, ad hoc small maintenance tasks, cleaning etc).

TOTAL: £48,600 PA
Following some cosmetic works to the property and if consent for a seventh bedroom can be obtained, we would anticipate a gross market rent of circa £60,000 per annum.

NOTES -

We have been informed by the Vendor that all furniture (excluding any owned by the tenants) and kitchen appliances are included in the sale.

TENURE -

The property is for sale on a freehold basis, subject to the ASTs 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

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.

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 6-BED HMO | £48,600 PA | WINTERBOURNE
EPC Graph for 6-BED HMO | £48,600 PA | WINTERBOURNE