Sold @ Auction £1,700,000

FOR SALE BY AUCTION

*** SOLD PRIOR TO AUCTION ***

GUIDE £1.7M +++
SOLD @ UNDISCLOSED

LOT NUMBER 6
Wednesday 27th September 2017
All Saints Church Pembroke Road, Clifton, Bristol BS8 2HY
Legal packs will be available for inspection from 18:00.
The sale will begin promptly at 19:00

EXTENDED COMPLETION

Completion is set for 8 weeks or earlier subject to mutual consent.

WEEKLY SET VIEWING

Tuesdays @ 13:00 pm

The property is OPEN FOR 30 MINUTES but please leave a minimum of 15 minutes to inspect the property.
Hollis Morgan would be grateful if you could arrive promptly to inspect the properties at the START of the specified times as we have scheduled viewings throughout the day and CANNOT wait for late arrivals.
You do not need to book an appointment as it is a set viewing – simply arrive at the stated time and a member of the Hollis Morgan Auction team will take your details and show you the property.
Please note there are no viewings on Bank Holidays or on the day of the auction.

SOLICITORS

Philip Albery
Barton Solicitors
Suite 103, First Floor QC30, 30 Queen Charlotte Street, Bristol, BS1 4HJ
Tel: 0117 925 6000
pja@bartons.co.uk

ONLINE LEGAL PACKS

Digital Copies of the Online legal pack can be downloaded Free of Charge.
Please visit the Hollis Morgan Website and select the chosen lot from our Current Auction List.
Follow the RED link to "Download Legal Packs" For the first visit you will be required to register simply with your email and a password.
Having set up your account you can download legal packs or if they are not yet available they will automatically be sent to you when we receive them.
You will be automatically updated by email if any new information is added.
*** STAY UPDATED *** By registering for the legal pack we can ensure you are kept updated on any changes to this Lot in the build up to the sale.

THE PROPERTY

Classic House is a 1970's Freehold mixed use property occupying a prominent corner position with accommodation that was converted from offices in 1999 and arranged over 3 Floors
The ground Floor is occupied by a commercial tenant and the upper floors comprise four self contained student flats providing 23 rooms.

LOCATION

The property occupies a prominent position within the popular suburb of Stokes Croft. An array of amenities and services are all within close proximity including independent retailers, convenience stores, pubs, bars, cafes and restaurants.
Bristol City Centre, The University of Bristol and Bristol Royal Infirmary are all within walking distance of the property.

THE OPPORTUNITY

INVESTMENT

A mixed use investment producing £151,650

SCOPE TO INCREASE INCOME

We understand there is scope to rearrange the layout of the existing flats to increase the number of bedrooms.

POSITIVE PRE APP TO DEVELOP BUILDING ( Available to download in the Online legal Pack )

Proposal to add an additional two floors and 4 further units of accommodation.
This in addition to improving the existing layout would allow for the possibility to significantly increase the income subject to any consents

RENTAL INCOME - £151,650 pa

COMMERCIAL UNIT

A new lease generating £24,150 pa will commence from 1st Feb 2018 with an option for the landlord to request vacant possession with 9 months notice
PLEASE REFER TO LEGAL PACK TO REVIEW CURRENT AND NEW SIGNED LEASE.

STUDENT FLATS
( Let for 2017 / 2018 Academic Year )

ALPHA
6 Rooms £475 pcm
£2850 pcm
£34,200 pa

BETA
5 Rooms £475 pcm
£2375 pcm
£28,500 pa

GAMMA
5 Rooms £450 pcm
£2250 pcm
£27,000 pa

DELTA
7 Rooms £450 pcm
£3150 pcm
£37,800 pa

RENTAL APPRAISAL

Local Lettings experts DIGS say;

In our opinion, this building holds the potential, subject to planning, to greatly increase the number of lettable units which would then create a significantly increased income from that being achieved currently. The existing layout has very large bedrooms and excessively spacious communal areas. It is likely that the purchaser of this building would want to completely change the internal layout to accommodate a larger number of smaller letting units to make full use of the internal communal areas and perhaps also to utilise the possibility of adding further skylights to the top floor to create more bedrooms centrally. The flats would need to be completely refigured and refitted throughout.
With the current lack of opportunities in the City Centre this is an area that is now rapidly becoming more and more the prime focus of developers in this market area and is a location which we believe is going to play a key part in the student letting market of the future.
Projected income for 3 to 4 bed cluster units in this location if done to A1 high standard is £475 to £495 for 2018-19 occupation depending on room size.

Nick Jackson
General Manager

0117 930 8750 info@bristoldigs.co.uk 1 Triangle South | Clifton | Bristol BS8 1EY

ACCOMMODATION - REFER TO FLOORPLAN

GROUND FLOOR
Commercial Unit
Access

FIRST FLOOR

ALPHA FLAT
6 bedrooms
6 en suite bathrooms
kitchen / lounge

BETA FLAT
5 bedrooms
Kitchen / lounge
W.C x 2
Shower room x 2

SECOND FLOOR

GAMMA FLAT
5 bedrooms
kitchen / lounge
W.C x 2
Shower room x 2

DELTA FLAT
7 bedrooms
Kitchen / lounge
W.C x 3
Shower room x 3

EPC

For full details of the EPC please refer to the online legal pack.

BUYER'S PREMIUM

Please be aware all purchasers are subject to a £750 + VAT (£900 inc VAT) buyer's premium which is ALWAYS payable upon exchange of contracts whether the sale is concluded before, during or after the auction date.

GUIDE PRICE

An indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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.

PRE AUCTION OFFERS

Some properties may be available to buy prior to the auction.
Pre auction offers can be only submitted by completing the OFFER FORM which can be downloaded with the online legal pack - please email the COMPLETED form to – olly@hollismorgan.co.uk.
Please note offers will not be considered until you have VIEWED the property and the COMPLETE LEGAL PACK has been released.
In the event of an offer being accepted the property will only be removed from the auction and viewings stopped once contracts have successfully EXCHANGED subject to the standard auction terms and payment of the buyer’s premium ( £900 ) to Hollis Morgan.
Contracts can be signed either via the solicitors or at the Hollis Morgan offices subject to appointment.

SURVEYS AND VALUATIONS

If you would like to arrange a survey or mortgage valuation of this Lot BEFORE the auction please instruct your appointed surveyor to contact Hollis Morgan and we will arrange access for them to inspect the property. Please note that buyers CANNOT attend the surveys and the surveyors are responsible for collecting and returning keys to the Hollis Morgan offices in Clifton.

BIDDING AT THE AUCTION

This property is for sale by public auction and if you intend to bid please bring the following:

Proof of identity (valid passport or photo driving licence).
Proof of address (bank statement, recent utility bill, council tax bill or tenancy agreement).
10% deposit payment.
Buyers premium payment.
Details of your solicitor.

PAYING THE DEPOSIT & BUYERS PREMIUM

We can only accept the following at the auction:

Personal or Company Cheque
Bankers Draft
Debit Card ( NOT CREDIT CARD )

TELEPHONE AND PROXY BIDDING

If you cannot attend the auction (although we strongly advise you do) you can make a TELEPHONE or PROXY BID. This authorises the auctioneer to bid on your behalf up to a pre-set limit. Forms and relevant conditions are available to download with the online legal pack. A completed form, ID and two cheques (one for the 10% deposit and one for the Buyer's Administration Fee of £900) are required by the Auction Department at least two full working days before the auction.

AUCTION BUYERS GUIDE VIDEO

We have short video guides for both buying and selling by Public Auction on the Hollis Morgan Website. If you have any further questions regarding the process please don’t hesitate to contact Auction HQ.

TESTIMONIALS

We are very proud of what our past clients have say about us - please visit the Hollis Morgan website to read their testimonials.

CHARITY OF THE YEAR

Hollis Morgan are supporting Bristol based “ Life for a Cure” as our 2017 Charity of the year which aims ‘a LIFE for a CURE’, to raise funds in support of finding the ‘Ultimate Vaccine’ for Meningitis B. We are delighted to announce that 5 % of every buyer’s premium will be donated to ‘a Life for a Cure’ which was founded as both a legacy to Ryan and to help raise awareness and valuable funds in search of the ultimate vaccine. This Bristol charity run purely on a voluntary basis is simply about working together to stop other amazing young lives being lost to meningitis. - to learn more about Ryans Story and this fantastic cause please visit there website. www.ryanbresnahan.org/ In 2016 we raised £4,000 for Bristol based housing charity “Home Start” to learn more visit the charity section of our website - www.hollismorgan.co.uk/charity/