PRIME RESDENTIAL INVESTMENT IN REDLAND - 3 FLATS
An attractive mid-terraced period building, situated on a sought-after road in Redland. The property is
currently arranged to provide a 1-bedroom basement flat, a ground floor 1-bedroom flat and a 3-bedroom maisonette on the first and second floors.
The property is in need of modernisation and offers excellent potential to increase the rental income or potentially split up the flats and sell them separately.
The current rental income is well below market level and we would anticipate a potential rental income in the region of £59,400 per annum following some refurbishment works.
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 -
DESCRIPTION -
A four storey mid-terraced period property, ideally positioned on Elliston Road in Redland. Currently arranged as three self-contained flats - including a 1-bedroom basement flat, a 1-bedroom ground floor flat, and a spacious 3-bedroom maisonette spanning the first and second floors - this versatile property presents a fantastic investment opportunity. There is a split level garden to the rear with potential to create off-street parking.
In need of modernisation, the building offers significant scope to enhance rental yields through the refurbishment. The building also presents a potential break-up opportunity, whereby the flats could be renovated and sold off individually.
The current rental income is considerably below market value, with scope to increase to a figure in the region of £59,400 per annum following updates - making this an ideal project for investors looking to add value in a high-demand area.
SCHEDULE OF ACCOMMODATION -
BASEMENT FLAT (1-BED) - Comprising a living room, kitchen, double bedroom and shower room.
HALL FLOOR FLAT (1-BED) - Comprising a living room, kitchen, double bedroom, shower room and WC.
FIRST & SECOND FLOOR MAISONETTE (3-BED) - Comprising a kitchen/diner, three double bedrooms and a bathroom.
CURRENT & POTENTIAL RENTAL FIGURES -
Each flat is currently let on an Assured Shorthold Tenancy agreement. The current rents are well below market level and could be increased to the figures below following refurbishment.
BASEMENT FLAT (1-BED) - Current Rent: £650 PCM / Potential Rent: £1,300 PCM
HALL FLOOR FLAT (1-BED) - Current Rent: £700 PCM / Potential Rent: £1,250 PCM
FIRST & SECOND FLOOR MAISONETTE (3-BED) - £1,320 PCM / Potential Rent: £2,400 PCM
TOTAL - Current: £32,040 PA / Potential: £59,400 PA
TENURE -
The property is for sale on a freehold basis, subject to the ASTs above.
COMPLETION -
Completion for this lot will be 8 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) RATINGS -
Basement Flat - TBC / Hall Floor Flat - TBC / First & Second Floor Maisonette - C
*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.
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
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.
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.
