FIVE STOREY BUILDING ARRANGED AS FIVE LARGE FLATS
A substantial five storey Grade II listed period building arranged as five well-presented flats (1 x 3-bedroom flat and 4 x 2-bedroom flats). There is a large garden and additional parking area to the rear that may offer potential for further development, subject to consents.
The property offers a potential rental income in excess of £90,000 per annum once the current rents have been increased and also presents a superb break-up opportunity, whereby the flats could be sold off separately.
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 -
SUBSTANTIAL FREEHOLD INVESTMENT/BREAK-UP OPPORTUNITY ARRANGED AS 5 LARGE FLATS
DESCRIPTION -
A substantial and attractive five storey Grade II listed period building arranged as five well-presented flats (1 x 3-bedroom flat and 4 x 2-bedroom flats). There is a large garden and additional parking area to the rear that may offer potential for further development, subject to consents. The building has been well-maintained during its current ownership and all of the flats benefit from modern kitchens and bathrooms, gas central heating and spacious living accommodation.
The property offers a potential rental income in excess of £90,000 per annum once the current rents have been increased and also presents a superb break-up opportunity, whereby the flats could be sold off separately.
LOCATION -
The property is situated in a fantastic location within close proximity to Bristol's harbourside which has undergone a huge transformation in recent years. Easy access is provided to the City Centre, Clifton Village and a wide range of amenities on the harbourside and Wapping Wharf.
ACCOMMODATION / CURRENT RENTAL DETAILS -
BASEMENT FLAT - Approx. 72 m² (771 sq ft) -
Comprising a private entrance hall, lounge/diner, modern kitchen, three bedrooms and a bathroom with a garden to the rear.
Currently let on an AST dated 6 January 2022 at a rent of £1,400 pcm.
HALL FLOOR FLAT - Approx. 53 m² (575 sq ft) -
Comprising a lounge/diner, modern kitchen, two bedrooms and a bathroom.
Currently let on an AST dated January 2024 at a rent of £1,200 pcm.
FIRST FLOOR FLAT - Approx. 57 m² (622 sq ft) -
Comprising a lounge/diner, modern kitchen, two bedrooms and a bathroom.
Currently let on an AST dated 29 July 2022 at a rent of £950 pcm.
SECOND FLOOR FLAT - Approx. 53 m² (575 sq ft) -
Comprising a lounge/diner, modern kitchen, two bedrooms and a bathroom.
Currently let on an AST dated 30 May 2020 at a rent of £950 pcm.
TOP FLOOR FLAT - Approx. 51 m² (554 sq ft) -
Comprising an open-plan kitchen/living/dining room, two bedrooms and a bathroom.
Currently let on an AST dated 25 August 2021 at a rent of £950 pcm.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
POTENTIAL RENTAL / BREAK-UP FIGURES -
All of the flats are currently under-let and we would anticipate the current market rents below along with break-up sales values:
BASEMENT FLAT: £1,800 pcm / £350,000
HALL FLOOR FLAT: £1,500 pcm / £285,000
FIRST FLOOR FLAT: £1,500 pcm / £295,000
SECOND FLOOR FLAT: £1,500 pcm / £295,000
TOP FLOOR FLAT: £1,250 pcm / £275,000
TOTAL: £90,600 Per annum / GDV: £1,500,000
TENURE -
The property is for sale on a freehold basis, subject to the current ASTs for each flat.
ENERGY PERFORMANCE CERTIFICATES (EPCs) -
Ratings:
Basement Flat, Hall Floor Flat, First Floor Flat & Second Floor Flat - D
Top Floor Flat - 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.
