This mixed use property consists of a well positioned retail unit occupying the ground floor and basement, with a self-contained 1 bedroom flat located above. The property offers significant outdoor space, including a large forecourt to both the front and side, providing ample opportunity for use or further development. In addition, there is a convenient car park located at the rear, offering off street parking.
The property holds potential for future expansion, with the possibility to extend and create additional residential units, subject to the necessary planning consent. This offers an exciting opportunity for investors looking to maximize the property's value and rental income.
Currently, the property is fully let, generating an annual rental income of £24,180, with strong potential for increased rent at the conclusion of the lease term, both for the retail unit and the flat above. This presents a solid investment with the ability to enhance returns in the future.
DESCRIPTION -
This mixed use property consists of a well positioned retail unit occupying the ground floor and basement, with a self-contained 1 bedroom flat located above. The property offers significant outdoor space, including a large forecourt to both the front and side, providing ample opportunity for use or further development. In addition, there is a convenient car park located at the rear, offering off street parking.
The property holds potential for future expansion, with the possibility to extend and create additional residential units, subject to the necessary planning consent. This offers an exciting opportunity for investors looking to maximize the property's value and rental income.
Currently, the property is fully let, generating an annual rental income of £24,180, with strong potential for increased rent at the conclusion of the lease term, both for the retail unit and the flat above. This presents a solid investment with the ability to enhance returns in the future.
LOCATION -
The property is situated on the corner of Wells Road (A37) and Wootton Park (A4174) boarding Whitchurch, Brislington, Hengrove and Knowle, providing easy access to the A4 Bath Road and Bristol City Centre.
TENURE -
Understood to be freehold.
LEASE DETAILS -
The retail unit is let at a passing rent of £13,500pa with approximately 3 years remaining on the lease term.
The flat is currently let on an AST at £890pcm. We would advise that the flat is currently underlet and the market rent to be in the region of £1,110pcm - £1,250pcm.
BUSINESS RATES -
The rateable value with effect from April 2023 is £8,600. We therefore would expect those eligible for small business relief to benefit from 100% exemption at this time. However, we advise all interested parties to confirm directly with the local authority.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Commercial EPC rating: C (valid until February 2033)
Flat EPC rating: TBC
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied upon.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
VIEWINGS -
By appointment with Maggs & Allen.
CONTROL OF ASBESTOS REGULATIONS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
