EXCEPTIONAL INVESTMENT OPPORTUNITY – Stunning Church Conversion - 16 Self-Contained Flats
Discover a truly unique investment in the heart of St George – a beautifully converted former church, now comprising 16 self-contained flats (C2 - Care Accommodation). This characterful property is situated in a highly sought-after residential location and boasts modern interiors while retaining stunning architectural features, including striking feature windows.
The whole building is occupied and is currently producing £150,000 per annum. Each flat benefits from contemporary kitchens, stylish bathrooms, and spacious living areas, making it an attractive proposition for tenants.
Offering both stability and potential for future growth, this property provides an outstanding investment opportunity. There is scope to enhance rental income or explore the possibility of selling the flats individually, subject to the necessary planning consents and termination of the current lease agreement.
Don't miss this rare chance to acquire a high-yielding asset in a thriving location.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 24 April 2025 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
CONVERTED CHURCH ARRANGED AS 16 FLATS (USE CLASS C2)
DESCRIPTION -
A stunning former church conversion comprising 16 self-contained flats (C2 - Care Accommodation), situated in a sought after residential location in St George. The whole building is occupied and is currently producing £150,000 per annum. This characterful property boasts modern interiors while retaining stunning architectural features, including striking feature windows. The property presents a superb investment opportunity in its current form and also offers scope to increase the rental income or sell the flats off individually if the current lease agreement is terminated, subject to obtaining the necessary planning consents.
LOCATION -
The property is situated on the corner of Summerhill Road and Cherry Orchard Lane in St George. Just a short walk away, St George Park offers beautiful open spaces, a lake, and recreational facilities, perfect for outdoor activities and relaxation. The bustling Church Road high street is nearby, providing an array of independent cafes, restaurants, shops, and supermarkets. The area benefits from excellent transport links, with frequent bus services connecting to Bristol city centre in under 15 minutes. For those commuting further afield, the M32, M4, and M5 motorways are easily accessible, and Lawrence Hill and Stapleton Road train stations provide convenient rail connections.
PLANNING -
The property is currently arranged as 16 self-contained flats (Care Accommodation - Use Class C2) as approved under Planning Reference 17/00016/F - Planning granted on 3rd May 2017.
Full planning consent was previously granted (15th March 2012) for the conversion of the former church into 11 self-contained flats under Planning Reference 11/05333/F.
ACCOMMODATION -
Flat 1A - One-bedroom ground floor flat with private courtyard garden.
Flat 1B - One-bedroom/studio first floor flat.
Flat 2 - Two-bedroom ground and first floor maisonette.
Flat 3 - Two-bedroom ground and first floor maisonette.
Flat 4 - Two-bedroom ground and first floor maisonette.
Flat 5 - Ground floor studio flat.
Flat 6A - Ground floor studio flat.
Flat 6B - One-bedroom first floor flat.
Flat 7 - Two-bedroom first and second floor maisonette.
Flat 8 - One-bedroom second and third floor maisonette.
Flat 9 - One-bedroom second and third floor maisonette.
Flat 10 - One-bedroom second and third floor maisonette.
Flat 10A - Flat 9 - One-bedroom second and third floor maisonette (NOT IN USE - NO BUILDING REGULATION SIGN-OFF).
Flat 11A - Ground floor studio flat (currently used as communal room)
Flat 11B - Two-bedroom first floor flat.
POTENTIAL RENTAL & BREAK-UP VALUES -
If the current lease agreement was terminated and the flats were let on separate ASTs, we would anticipate a total rental income in excess of £171,000 per annum.
If the flats were to be sold separately, we would recommend reducing the total number of units to 11 or 12 by combining some of the smaller studio flats (resulting in a similar layout to the approved 2012 planning consent). Assuming such planning consent can be obtained, we would anticipate break-up values totalling circa £2,500,000 - £2,600,000.
LEASE DETAILS -
We understand the property is occupied and is currently producing £150,000 per annum, a copy of the lease is available in the online legal pack.
TENURE -
The property is for sale on a freehold basis, subject to the lease included in the legal pack.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: B
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.
