Sold @ Auction £678,250

FOR SALE BY AUCTION

*** SOLD PRIOR TO AUCTION ***

GUIDE £600,000 +++
SOLD @ £678,250

LOT NUMBER 8
Wednesday 23rd May 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

EXTENDED COMPLETION

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

SOLICITORS

Stephen Brice
AMD Solicitors
0117 9744100
stephenbrice@amdsolicitors.com

THE PROPERTY

A Freehold semi detached period property ( 2579 Sq Ft ) arranged over 4 floors with an enclosed rear garden.
The property comprises a recently renovated 2 bedroom self contained flat with garden on the lower ground floor and a self contained 6 bedroom HMO on the upper 3 floors with communal kitchen, lounge and bathroom facilities.

LOCATION

Islington Road lies within the popular suburb of Southville. North Street is within walking distance and offers a wide variety of amenities including bars, pubs, cafes and independent retailers. Bristol City Centre and the Harbourside district is within a mile whilst there are also regular public transport links running from Bedminster to the Cabot Circus shopping complex which is approximately two miles away.

THE OPPORTUNITY

INVESTMENT

The property is currently let on AST Agreements producing an income of £42,840 pa ( Flat & HMO ) and is sold subject to the existing tenancies.

SCOPE TO INCREASE HMO INCOME

The HMO element of the property has scope to increase the income.
Whilst the property has been well maintained there is scope to upgrade the accommodation and also a number of the tenants have been in situ since 2015 / 16 without rent increases.
We understand that upgraded accommodation would command a rental income in the region of £650 per room pcm
Potential HMO Income £46,800 pa
Potential TOTAL income including flat - £59,400 pa

BREAK UP & SELL FLAT

EXISTING INCOME

FLAT

£1050 pcm

HMO

Room 1 - £425 pcm ( Commenced June 2017 - Vacating 23rd May )
Room 2 - £465 pcm ( October 2016 - due to vacate 1st June )
Room 3 - £415 pcm ( January 2015 )
Room 4 - £405 pcm ( February 2017 )
Room 5 - £420 pcm ( February 2017 ) - due to vacate 20th May
Room 6 - £390 pcm ( November 2017 - due to vacate date TBC )

TOTAL

£42,840

FIXTURES AND FITTINGS

All chattels included – please refer to F & F form within online legal pack.

5 MINUTE WALK TO WAPPING WHARF

Wapping Wharf is a new quarter in the historical and cultural heart of Bristol where people can live, shop, eat and relax by the city’s glistening waterfront.

This new community-focused neighbourhood on Bristol’s historic harbourside will feature over 600 new homes, reflecting the urban dockside character of the area, along with a range of retail and office space.

An exciting new addition to Bristol’s thriving food, drink and shopping scene, Wapping Wharf is home to some of the city’s best independent restaurants, shops and cafes. It is also the location of CARGO, Bristol’s first retail yard made of converted shipping containers.

Wapping Wharf provides an important new connection between south Bristol and the city centre following the opening of Gaol Ferry Steps, which runs through the heart of the new neighbourhood. People can now easily walk down this pedestrianised, tree-lined route, which links Gaol Ferry Bridge to the waterfront and a new public landscaped square.

Based on land that was previously derelict, this phased project will eventually retain and restore several key listed buildings and the Old City Gaol gatehouse to enhance the City Docks conservation area. One of the most significant new schemes in the city, Wapping Wharf is one of the final pieces in the jigsaw that will complete the regeneration of Bristol’s iconic Floating Harbour.

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.

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.
There will be a note added to the list to confirm AUCTION PACK NOW COMPLETE when no further information is due to be added.
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 ( £1,200 ) 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 £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/