FOUR STOREY PERIOD BUILDING - TWO FLATS & BASEMENT RIPE FOR CONVERSION
An attractive Grade II listed four storey Georgian building arranged as a ground floor 1-bedroom flat, a generous first and second floor 2-bedroom maisonette and a basement level offering scope for conversion into an additional flat, subject to consents. The existing flats are let to professionals producing a combined rental income of £30,000 per annum. which could be increased to circa £49,200 per annum if the basement level was converted to an additional garden flat. The GDV if sold off separately and the basement flat converted would be £935,000. A superb investment or break-up opportunity, situated in a prime location in Cotham.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 22 May 2025 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
VIEWINGS -
By appointment.
SUMMARY -
ATTRACTIVE GRADE II LISTED FOUR STOREY BUILDING ARRANGED AS A MAISONETTE, FLAT AND BASEMENT RIPE FOR CONVERSION
DESCRIPTION -
A substantial Grade II listed Georgian townhouse spanning four storeys and offering exceptional investment/redevelopment potential. The property is currently arranged as a one-bedroom flat on the ground floor, a spacious two-bedroom maisonette across the first and second floors, and a basement level that presents an opportunity for conversion into an additional flat, subject to obtaining the necessary consents. The existing flats are fully let to professionals, generating a combined annual rental income of £30,000, which could be increased to circa £49,200 per annum if the basement level was converted to an additional garden flat and the current rents were raised to market level. The property is situated in a highly sought after letting location as it is within easy access to the BRI Hospital, city centre, Clifton and Gloucester Road.
LOCATION -
Clevedon Terrace is a charming street in Cotham on the borders of Kingsdown and Redland, within a short walk of the University of Bristol, the city centre and St Michaels Hill. The property is conveniently situated for access to a wide range of bars, restaurants and the Everman cinema on Whiteladies Road, a vibrant array of independent shops on Gloucester Road and ease of access to everything Bristol city centre has to offer. Local bus routes are located within a short walking distance whilst Redland train station is only 1/4 mile away. The area is immensely popular with professional and student tenants.
ACCOMMODATION & APPROXIMATE FLOOR AREAS -
HALL FLOOR FLAT (36 m²) - Comprising an open-plan kitchen/living room, double bedroom and shower room.
FIRST & SECOND FLOOR MAISONETTE (98 m²) - Comprising an entrance hall, living room, kitchen/diner, shower room and two double bedrooms.
BASEMENT (46 m²) - An unconverted basement level with scope to convert into a one-bedroom garden flat.
Please refer to floorplan for approximate room measurements and internal layout.
RENTAL FIGURES / BREAK-UP VALUE -
There is scope to convert the basement to an additional flat (subject to consents). We have outlined our anticipated rental and break-up values below on the basis such consent can be obtained and the basement is converted:
HALL FLOOR FLAT - Currently £950 pcm but could be increased to £1,100 pcm / £265,000
FIRST & SECOND FLOOR MAISONETTE - Currently let at £1,550 pcm but could be increased to £1,700 pcm / £375,000
BASEMENT GARDEN FLAT (if converted) - £1,300 pcm / £285,000
TOTAL POTENTIAL RENTAL INCOME / BREAK-UP VALUE - £49,200 PA / £925,000
TENURE -
The property is to be sold on a freehold basis, subject to the existing ASTs.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: D
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.
