This five storey period building is situated in the heart of Bristol City Centre. The property is in need of some updating and is currently arranged as a fully let and licenced 6-bedroom student HMO producing £38,800 per annum. Set in a fantastic location and perfect for the student rental market due to it's city centre location and close proximity to shops and restaurants. The property benefits from good size bedrooms and a number of bathrooms. There is scope to increase the rental income by modernising and there is potential to create a seventh bedroom (subject to consent) by splitting the ground floor living room. This property would appeal to any investor looking to add a fantastic property to their portfolio.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 13 February 2025 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
FIVE STOREY 6-BEDROOM HMO IN BRISTOL CITY CENTRE - FULLY LET
DESCRIPTION -
This five storey period building is situated in the heart of Bristol City Centre. The property is in need of some updating and is currently arranged as a fully let and licenced 6-bedroom student HMO producing £38,800 per annum, we understand that this is significantly below the current rental value and could be increased to a figure in the region of £54,000pa (£4,500 PCM). Set in a fantastic location and perfect for the student rental market due to it's city centre location and close proximity to shops and restaurants. The property benefits from good size bedrooms and a number of bathrooms. There is scope to increase the rental income by modernising and there is potential to create a seventh bedroom (subject to consent) by splitting the ground floor living room. This property would appeal to any investor looking to add a fantastic property to their portfolio.
LOCATION -
John Street is a fantastic location for the student rental market due to its city centre location. It is approximately a 15 minute walk to University of Bristol and 8 minutes to University Hospitals Bristol and Weston. There are also a large range of bars and restaurants, on the harbour side and surrounding areas. Cabot Circus is also in walking distance and is home to many large retailers. Castel park is just around the corner (5 minute walk) offering green space.
ACCOMMODATION -
BASEMENT - Kitchen/ dining room, WC and storage room.
GROUND FLOOR - Entrance hall and communal living room
FIRST FLOOR - Two double bedrooms and Bathroom
SECOND FLOOR - Two double bedrooms and Bathroom
THIRD FLOOR - Two double bedrooms
Please refer to floorplan for approximate room measurements and internal layout.
COMPLETION -
Completion for this lot will be 8-weeks from exchange of contracts or sooner by mutual agreement.
TENANCY DETAILS -
The property is let at £38,800 for one year and expires on 28th June 2025. Under the terms of the tenancy the students are responsible for arrangement and payment of all utility bills and charges. The deposit of £3240.00 is held by the Deposit Protection Scheme. We understand that this is significantly below the current rental value and could be increased to a figure in the region of £54,000pa (£4,500 PCM).
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: C
TENURE -
Understood to be Freehold. Please refer to the legal pack for confirmation.
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.
