Sold @ Auction £1,410,000

FOR SALE BY AUCTION

*** SOLD @ APRIL AUCTION ***

GUIDE £1m +++
SOLD @ £1.410m

LOT NUMBER 30
Wednesday 11th April 2018
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

PRE AUCTION OFFERS

On this occasion the vendor will NOT be considering pre auction offers.

EXTENDED COMPLETION

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

SOLICITORS

Sue. RzeznickI
Gregg Latchams
Sue. Rzeznicki@gregglatchams.com
7 Queen Square, Bristol BS1 4JE
T: +44 (0)117 906 9400
F: +44 (0)117 906 9401
DX: 7845 Bristol

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

On the market for the first time since the 1940's this prime Freehold semi detached period property ( 4949 Sq Ft ) occupies a prominent corner position and is arranged as four large self contained flats.
The flats have been let for a number of years and whilst having been well maintained they would now benefit from some basic updating but offer bright and airy spacious accommodation in this highly sought after location.

ACCOMMODATION SCHEDULE

FLAT 1 - BASEMENT

Kitchen
Lounge
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

FLAT 2 - HALL FLOOR

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

FLAT 3 - FIRST FLOOR

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom
Shower room

FLAT 4

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

OUTSIDE

Front Garden
Rear Garden
Storage Area
Off Street Parking

LOCATION

The property is located in a picturesque tree lined road adjacent to Whiteladies Road with its wide range of shopping and entertainment facilities.

THE OPPORTUNITY

INVESTMENT / INCREASE RENTS

The block is fully let producing £68,400 per annum but there may be scope to increase these rents by updating each individual flat.

BREAK UP / REFURBISH / RESALE

The vacant value of each unit allows for a significant profit would buyers wish to undertake a luxury refurbishment and break up the block for individual sale.
We understand the renovated value of each unit is

Flat 1 £400,000 - £425,000 ( Including Garden)
Flat 2 £450,000 - £500,000
Flat 3 £425,000 -£450,000
Flat 4 £375,000 - £425,000
TOTAL £1.65m - £1.8m

FAMILY HOME

Scope to convert back into a Family Home in this sought after location.

OFF STREET PARKING

There is scope for additional off street parking on the front garden area,

EXISTING TENANTS / INCOME

All flats are sold subject to the existing AST tenancies as follows;

FLAT 1 ( BASEMENT )
£1600 pcm
Start Date - 18/06/2016

FLAT 2 ( HALL FLOOR FLAT )
£1400 pcm
Start Date - 21/04/2017

FLAT 3 ( FIRST FLOOR )
£1300 pcm
Start Date - 17/09/2017
TO BE SOLD WITH VACANT POSSESSION

FLAT 4 ( TOP FLOOR )
£1400 pcm
Start Date - 24/03/2017

TOTAL £5,700 pcm / £68,400 pcm

RENTAL APPRAISAL

This impressive property is located ideally for either professional and student lettings alike. The properties in terms of layout and condition are generally great for letting with separate kitchen and reception rooms. With regarded to current rental values:

Basement Flat £1650 pcm
Hall Floor Flat £1650 pcm
1st Floor Flat £1650 pcm
2nd Floor Flat £1650 pcm

£79,200 Per annum.

All properties are of an adequate letting condition and should be able to achieve the above levels without works occurring.

If you have any queries please contact Clifton Rentals on info@clifton-rentals.co.uk or 0117 911 3423/07854367689

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 £1000 + VAT (£1,200 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.

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 £1,200) 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.

WHY HOLLIS MORGAN?

Hollis Morgan regularly hold the largest property auctions across Bristol and the West Country from our iconic Sale Room in Clifton, since we formed in 2010 we have sold the most £££'s of land and property by Public Auction in the region - EVERY YEAR! Between 2010 and 2017 we have held 45 auctions, offering 1135 lots and raising over £225m for clients across the region Did you know….Hollis Morgan sold more £££’s of land and property by auction than all the other Bristol Auctioneers combined in 2017 with over £49m of successful sales!

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 charity based Off the Record! as our 2018 charity of the year with 5% of each buyers premium donated to help provide free and confidential mental health support and information to young people aged 11-25 in Bristol - www.otrbristol.org.uk In 2017 we were delighted to be involved in raising £30,000 over 3 events for the “Life for a cure” Bristol based meningitis charity - www.ryanbresnahan.org Visit the Charity page of our Website for further details - https://www.hollismorgan.co.uk/charity/