MIXED-USE INVESTMENT - FULLY LET PRODUCING £60,900 PA
A substantial freehold mixed-use investment property comprising a ground floor retail unit let to the charity organisation Sue Ryder and four residential dwellings (1 x 2-bedroom flat, 2 x 1-bedroom flat and 1 x 1-bedrom mews house). The property benefits from rear vehicular access and includes a large garage/store that may offer further development potential, subject to consents. The property is fully-let producing circa £60,900 per annum and there is scope to increase the rents on the residential units and improve the total annual income. A fantastic turnkey investment situated in an area of Bedminster undergoing significant redevelopment.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 21 November 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment
SUMMARY -
SOLD PRIOR - SUBSTANTIAL FREEHOLD MIXED-USE INVESTMENT PROPERTY - FULLY LET PRODUCING CIRCA £60,900 PER ANNUM
DESCRIPTION -
A substantial freehold mixed-use investment property comprising a ground floor retail unit let to the charity organisation Sue Ryder and four residential dwellings (1 x 2-bedroom flat, 2 x 1-bedroom flat and 1 x 1-bedrom mews house). The property benefits from rear vehicular access and includes a large garage/store that may offer further development potential, subject to consents. The property is fully-let producing circa £60,900 per annum and there is scope to increase the rents on the residential units and improve the total annual income. A fantastic turnkey investment situated in an area of Bedminster undergoing significant redevelopment.
LOCATION -
The property is situated in a busy and prominent position on East Street, Bedminster. There is easy access to a wide range of shops, bars, restaurants and cafes. The city centre and Bristol Temple Meads train station are both within easy reach.
SCHEDULE OF ACCOMMODATION -
GROUND FLOOR SHOP - An extensive retail unit (approx. 109 m²) with rear store, office, kitchen and WC.
115A - Two-bedroom first floor flat (approx. 67 m²).
115B - One-bedroom second floor flat (approx. 34 m²).
115C - One-bedroom second floor flat (approx. 33 m²).
115D - One-bedroom rear mews house (approx. 54 m²).
TENANCY DETAILS -
Shop - Let on a 6 year commercial lease at £17,100 PA from 25 June 2024
Flat A - £1,250 PCM (£15,000 PA) let on an AST
Flat B - £750 PCM (£9,000 PA) let on an AST
Flat C - £700 PCM (£8,400 PA) let on an AST
Mews House (Flat D) - £950 PCM (£11,400 PA) let on an AST
TOTAL: £60,900 PA
TENURE -
The property is for sale on a freehold basis, subject to the tenancies detailed above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -
Shop - C / 115A - C / 115B - D / 115C - D / 115D - E
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.
