SOLD FOR £320,000 - A freehold commercial investment property of approx. 3,467 sq ft situated in a popular trading position on East Street in Bedminster. The building is currently let on the remainder of a 5 year lease from 10th May 2021 at a passing rent of £25,000pa. The property benefits from rear access provided from Herbert Street and offers scope for residential development, subject to consents. An excellent opportunity for investors, developers and builders alike.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 29 June 2023 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £320,000 - FREEHOLD COMMERCIAL INVESTMENT WITH FUTURE DEVELOPMENT POTENTIAL
DESCRIPTION -
A freehold commercial investment property of approx. 3,467 sq ft situated in a popular trading position on East Street, Bedminster. The building is currently let at a passing rent of £25,000pa on the remainder of a 5 year lease from 10th May 2021. The property offers scope for conversion of the upper floor and further residential development potential, subject to consents. An excellent opportunity for investors, developers and builders alike.
LOCATION -
The property is located in a prominent position within a rank of shops on East Street with rear access provided from Herbert Street.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
GROUND FLOOR -
Comprising a spacious shop front with partitioned storage and reception areas, a large store room, kitchenette and hallway leading to the rear access and bin store.
FIRST FLOOR -
Comprising 3 storage rooms with staff toilet facilities.
LEASE DETAILS -
The property is let for a term of 5 years from 10th May 2021 at a current passing rent of £25,000 per annum, subject to a tenant only break option in May 2024.
A copy of the lease is available upon request.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
VAT -
We have been informed by our client that the property is elected for VAT.
ENERGY PERFORMANCE CERTIFICATE -
Rating: D
TENURE -
Understood to be freehold, please refer to legal pack for confirmation.
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,250 plus VAT (£1,500 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 - £50,000: £2,000
£51,000 - £150,000: £5,000
£151,000 and above: £10,000
If your bid is successful, the balance of the deposit monies and Buyer's Premium (£1,500 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.
