A mixed use investment property comprising a ground floor shop with a self contained, spacious, and very well presented 4 bedroom maisonette let as a House of Multiple Occupation. The shop has been recently let at £15,000pa on a new 5 year effectively fully repairing and insuring term, and the tenant is in the process of fitting out and replacing the retail frontage. The maisonette is currently let at approximately £575pcm per room)but we anticipate a market rent of £650pcm.
The property is therefore currently fully let producing £42,600pa but assuming the room rents are increased to market level, there is potential to increase the passing rent to £46,200pa.
DESCRIPTION -
A mixed use investment property comprising a ground floor shop with a self contained, spacious, and very well presented 4 bedroom maisonette let as a House of Multiple Occupation. The shop has been recently let at £15,000pa on a new 5 year effectively fully repairing and insuring term, and the tenant is in the process of fitting out and replacing the retail frontage. The maisonette is currently let at approximately £575pcm per room)but we anticipate a market rent of £650pcm.
The property is therefore currently fully let producing £42,600pa but assuming the room rents are increased to market level, there is potential to increase the passing rent to £46,200pa.
LOCATION -
The property is situated on the High Street in Bedminster in an area which is currently undergoing significantly redevelopment.
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied upon.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
VIEWINGS -
By appointment.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating:
Shop - C - valid to Jan 2028
Maisonette: C - valid to July 2034.
TENURE -
Offered for sale on a freehold basis.
LEASE DETAILS -
SHOP -
The shop is let at £15,000pa on a 5 year effectively fully repairing and insuring 5 year term, with a 3 year tenant only break option and 3 year upward only rent review. The lease is excluded from Sections 24-28 of The Landlord and Tenant Act 1954.
MAISONETTE -
The flat is let as a spacious 4 bedroom House of Multiple Occupation at a rent of £2,300pcm (£575pcm per room) although the tenants have given notice to vacate in November 2024. We anticipate a market rent of £650pcm i.e £2,600pcm.
PLANNING CONSENT -
Planning consent was also granted in 2022 (Ref: 22/0180/F) for the erection of a further storey of residential accommodation on the roof.
BUSINESS RATES -
The Rateable Value with effect from April 2023 is £ . We therefore would expect those eligible for small business relief to benefit from 100% exemption at this time. However, we advise all interested parties to confirm directly with the local authority.
CONTROL OF ASBESTOS REGULATIONS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
