A substantial investment property comprises 11 well-appointed apartments, strategically positioned in the highly sought-after area of Bedminster Parade. Fully let and generating a gross annual income of approximately £151,560, this property presents a lucrative opportunity for investors seeking strong rental yields in a prime location.
The property enjoys excellent transport links and is within walking distance of Bristol City Centre.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 20 March 2025 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
SUBSTANTIAL INVESTMENT PROPERTY IN BEDMINSTER ARRANGED AS 11 FLATS LET AT £151,560 PA.
DESCRIPTION -
A substantial investment property comprising 11 located in the highly sought-after area of Bedminster Parade. The flats are fully let producing a gross annual income of approx. £151,560. The property is arranged over first, second and the third floors and comprise 9x one bedroom flats and 2x two bedroom flats. The property is ideally situated in a popular rental area, benefiting from close proximity to local shops, restaurants, excellent transport links, and within walking distance of Bristol City Centre.
LOCATION -
Bedminster is a highly desirable suburb located south of the City Centre, currently undergoing significant redevelopment. The flats are located within easy reach of numerous shops, cafes and amenities on Bedminster Parade and East Street.
ACCOMMODATION -
38 Bedminster Parade
Flat 1: 1 bedroom (approx. 39 m²)
Flat 2: 1 bedroom (approx. 39 m²))
Flat 3: 1 bedroom (approx. 45 m²)
Flat 4: 2 bedroom (approx. 66 m²)
Flat 5: 1 bedroom (approx 45 m²)
Flat 6: 2 bedroom (approx. 66 m²)
42 Bedminster Parade
Flat 1 - 1 Bedroom (approx. 58 m²)
Flat 2 - 1 Bedroom (approx. 45 m²)
Flat 3 - 1 Bedroom (approx. 55 m²)
Flat 4 - 1 Bedroom plus large south facing terrace (approx. 49 m²)
Flat 5 - 1 Bedroom (approx. 52 m²)
The floor plan and floor areas above are provided for indicative purposes only and should not be relied upon.
TENANCY DETAILS -
We understand the flats are all let on Assured Shorthand Tenancy agreements, at the following rents:
38 Bedminster Parade
Flat 1: Let at £1,000pcm
Flat 2: Let at £1,075pcm
Flat 3: Let at £950pcm (tenancy due for renewal)
Flat 4: Let at £1,500pcm
Flat 5: Let at £1,200pcm
Flat 6: Let at £1,400pcm
Total Rent: £85,500pa
42 Bedminster Parade
Flat 1 - Let at £1,000pcm
Flat 2 - Let at £1,075pcm
Flat 3 - Let at £1,050pcm
Flat 4 - Let at £1,250pcm
Flat 5 - Let at £1,130pcm
Total Rents: £151,560 per annum.
COMPLETION -
Completion for this lot will be 8-weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Ratings:
38 Bedminster Parade
Flat: 1 - E
Flats: 2, 4 & 5 - C
Flats: 3 & 6 - D
(Work is being carried out on Flat 3 and 6 to make them a C)
42 Bedminster Parade
Flats: 1 & 4 - E
Flats: 2, 3 & 5 - C
(Flat 4 is waiting a new certificate for a C rating)
We understand from the client that 9 flats out of 11 will have an EPC rating of a C by the auction date.
INSURANCE & MAINTENANCE -
We understand from our client that Taunton Leisure (the ground floor commercial unit) contribute the following to the whole building.
•44% of insurance
•44% of the maintenance
•44% of the expenses incurred by the landlord in respect of repairing, rebuilding and cleansing of any party walls
•25% of the expenses incurred of any repairing of sewers, drains, channels, sanitary apparatus pipes, wires, or other Service Conduits and Appliances and other things which is common to the Property and to other property.
•They are solely responsible for their internal area, their windows, their non-load bearing walls etc.
TENURE -
We understand the property is to be sold on a freehold basis and that the shop below has been sold off on two 999 year leases. Please refer to the legal pack for further clarification.
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.
