FOUR STOREY RESIDENTIAL INVESTMENT - FLATS & BEDSITS
An attractive mid-terraced period building, situated in a prime location in the heart of Redland. The
property is currently arranged to provide a self-contained basement flat (with access and parking at the rear), a studio flat and 5 bedsits with shared bathroom facilities over the ground, first and second floors.
The property is in need of complete renovation and the three storey maisonette offers scope to reconfigure into a 5-Bedroom HM0 by creating a shared living room and providing en-suite bathrooms, subject to consents.
The current rental income is well below market level and we would anticipate a potential rental income in the region of £62,100 per annum following the refurbishment.
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.
VIEWING -
By appointment
SUMMARY -
FOUR STOREY RESIDENTIAL INVESTMENT - FLATS & BEDSITS
DESCRIPTION -
Situated in a prime and highly sought-after location in central Redland, this attractive mid-terraced period property offers an exceptional investment opportunity with superb scope to add value.
The building is currently configured as a self-contained basement flat - benefiting from rear access and off-street parking - a studio flat and five bedsits across the ground, first, and second floors, sharing bathroom facilities.
In need of full renovation, the property presents significant scope for reconfiguration. The upper floors could be transformed into a high-yielding 5-bedroom HMO (House in Multiple Occupation) by introducing en-suite facilities and a shared living area, subject to the necessary consents.
With current rental income at rates well below market levels, there is considerable potential to increase returns. Following refurbishment, the projected rental income is estimated at approximately £62,100 per annum.
This is a rare chance to secure a prime property in one of Bristol’s most desirable residential areas - with strong demand from both professionals and students.
SCHEDULE OF ACCOMMODATION & CURRENT RENTAL FIGURES -
BASEMENT FLAT (1-BED) - £700 PCM
BEDSIT 1 - £400 PCM
STUDIO 2 - £550 PCM
BEDSIT 3 - £450 PCM
BEDSIT 4 - £650 PCM
BEDSIT 5 - VACANT
BEDSIT 6 - £450 PCM
Please refer to floorplan for approximate room measurements and internal layout.
POTENTIAL RENTAL INCOME -
If the property is reconfigured and refurbished to provide a 5-bedroom HMO and a self-contained basement flat, we would anticipate a potential rental income in the region of £62,100 per annum.
TENURE -
The property is to be sold on a freehold basis, subject to the existing ASTs outlined above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
HMO LICENSING & PLANNING -
HMO licensing regulations and planning requirements are subject to regular changes, updates and even individual interpretations by the Local Authority. Prospective buyers are therefore required to make their own enquiries with the Local Authority and review the documents contained in the auction legal pack fully to satisfy themselves that the property is compliant in this respect. Maggs & Allen accept no liability in the event that any Licensing or Planning requirements/documents are not in order at the point of sale.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: 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 £1,500 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.
AUCTION KEY FEATURES -
22nd May LIVE ONLINE AUCTION
