FREEHOLD INVESTMENT/BREAK-UP OPPORTUNITY
An attractive five storey period building arranged as five spacious 1-bedroom flats. The property is in need of refurbishment throughout and offers potential to reconfigure the majority of the flats to increase the number of bedrooms. There is a good-sized garden to the rear that is currently sub-divided between the hall floor and basement flats.
Situated in a superb location in the heart of Bishopston, the property benefits from stunning views across the city as well as easy access to the shops, bars and restaurants on Gloucester Road. A fantastic investment opportunity with a potential rental income in excess of £81,000 per annum once renovated. Alternatively, the property presents an excellent break-up opportunity whereby the flats could be renovated and sold off individually. To be sold with vacant possession.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 25 April 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SOLD FOR £1,002,000 - FREEHOLD INVESTMENT/BREAK-UP OPPORTUNITY - BLOCK OF 5 X 1-BEDROOM FLATS
DESCRIPTION -
An attractive five storey period building arranged as five spacious 1-bedroom flats. The property is in need of refurbishment throughout and offers potential to reconfigure the majority of the flats to increase the number of bedrooms. There is a good-sized garden to the rear that is currently sub-divided between the hall floor and basement flats. A wealth of period features are retained including arched windows, fireplaces and ornate cornicing.
Situated in a superb location in the heart of Bishopston, the property benefits from stunning views across the city as well as easy access to the shops, bars and restaurants on Gloucester Road. A fantastic investment opportunity with a potential rental income in excess of £81,000 per annum once renovated. Alternatively, the property presents an excellent break-up opportunity whereby the flats could be renovated and sold off individually. To be sold with vacant possession.
LOCATION -
The property is situated in an enviable position on the sought after Claremont Road in West Bishopston. Less than 100 yards from Gloucester Road, the property enjoys a wide array of local amenities including independent shops, fantastic restaurants and a range of pubs and bars. Excellent transport links are provided to the city centre and Redland and Montpelier train stations are within easy reach. The property falls within the Redland Ward with regards to Bristol City Council's licensing schemes.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
LOWER GROUND FLOOR FLAT: Comprising a Living Room, Kitchen/Diner, Bedroom, Bathroom and WC.
HALL FLOOR FLAT: Comprising a Living Room, Kitchen, Bedroom and Shower Room.
FIRST FLOOR FLAT: Comprising a Living Room, Kitchen, Bedroom and Shower Room.
SECOND FLOOR FLAT: Comprising a Living Room, Kitchen, Bedroom and Shower Room.
TOP FLOOR FLAT: Comprising a Living Room, Kitchen, Bedroom and Shower Room.
RESALE & RENTAL VALUES -
There is scope to reconfigure the internal arrangement of the the flats to create two bedrooms in each of the lower ground, hall floor, first floor and second floor flats. The quoted rental and resale values below are based upon these works having been carried out.
LOWER GROUND FLOOR FLAT: £1,500 PCM / £350,000
HALL FLOOR FLAT: £1,500 PCM / £375,000
FIRST FLOOR FLAT: £1,300 PCM / £325,000
SECOND FLOOR FLAT: £1,300 PCM / £325,000
TOP FLOOR FLAT: £1,200 PCM / £275,000
TOTAL: £81,600 PER ANNUM / £1,650,000
TENURE -
The property is for sale on a freehold basis with vacant possession.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -
Basement Flat / Ground Floor Flat / First Floor Flat & Top Floor Flat - E
Second Floor Flat - D
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 £1,250 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 - £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 (1,500 inc VAT) must be transferred to our client account within 24 houra 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.
