Sold @ Auction £820,000

FOR SALE BY AUCTION

SOLD @ HOLLIS MORGAN MAY AUCTION

GUIDE £650,000 +++
SOLD @ £820,000

LOT NUMBER 28
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

PRE AUCTION OFFERS

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

EXTENDED COMPLETION

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

SOLICITORS

Carol Hill
Bury & Walkers LLP
Britannic House, Regent Street, Barnsley S70 2EQ
T. 01226 733533
a.duffin@burywalkers.com

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.
There will be a note added to the list to confirm AUCTION PACK NOW COMPLETE when no further information is due to be 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

A prime Freehold property arranged over three floors plus basement with parking for 3 cars and an enclosed rear garden.
The property comprises 3 self contained flats and is sold subject to the existing tenancies.

6A HALL FLOOR - 1 BED
Private entrance, large kitchen, reception room, shower room & stairs up to bedroom 1.

6B GARDEN FLAT - 2 BED
Private entrance, large entrance hall / utility, kitchen, bedroom & stairs down to shower room and bedroom 2.

6C UPPER MAISONETTE - 2 BED
Private entrance accessed from external stairs to rear at first floor level into kitchen, large reception room, bathroom, bedroom 1 & stairs up to bedroom 2 and loft space.

LOCATION

Hurle Road is a quiet residential street located in a very thought after area just off Whiteladies Road and its local amenities and services including supermarkets, bars, pubs, cafes and restaurants are all within close proximity. Clifton Downs train station with its direct link to Temple Meads main station is only a short walk away and Bristol University and The Bristol Royal Infirmary are also within walking distance. The property is equally close to Durdham Downs with its acres of open land and woodland bounded on the south western side by the spectacular Avon Gorge with the historic Clifton Suspension Bridge providing a unique crossing to North Somerset.

THE OPPORTUNITY

INVESTMENT

The property is currently let on AST agreements generating £2,500 pcm / £30,000 per annum.

INCREASE INCOME

We understand there is scope to update the flats and significantly increase the rental income.
Please refer to rental appraisal.

FLAT 3

There is potential ( subject to consents ) to create an extra bedroom on the upper floors.

RENOVATE / BREAK UP

There is scope to renovate each flat with a view to selling them individually.
We would suggest the following values once renovated with one allocated parking space each

6A HALL FLOOR - £275,000 - £300,000
6B GARDEN FLAT - £325,000 -£350,000 ( sole use of garden )
6C UPPER MAISONETTE - £ 450,000 - £500,000

TOTAL - £1050,000 - £1,150,00

FAMILY HOME

There is scope to return the property to a family home in this highly sought after location.

EXISTING INCOME

6A HALL FLOOR - £800 pcm ( 12 Months from 29th June 2017 )
6B GARDEN FLAT - £700 pcm ( 12 Months from 11th August 2017 )
6C UPPER MAISONETTE - £1000 pcm ( 12 Months from 1st July 2013 ) - VACATING 31st MAY

RENTAL APPRAISAL

An interesting lot with huge potential to be reconfigured into much better letting properties. Even if you just reconfigured the current layouts you could get more beds into the flats to increase yield. The flat accessed by the main front door (currently one bed) could be a two bedroom flat. The top floor flat (with appropiate consents) be relatively easily a four bed property (currently one bed). The basement flat would remain as a one bed. Over all each room would let at £500 which would generate monthly income of £3,500.

If you were looking long term rental it would be worth configruing the property (with appropiate consents) into two separate maisonettes. The lower one would be a four bed property and the top flat would become a five bed. The conversion would be relatively easy and would generate an income of circa £4,500 pcm (£54,000 pa)

If you have any questions or queries regarding this valuation please contact us on 0117 911 3423, 07854 367 689 or info@clifton-rentals.co.uk

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/