Auction Guide Price +++ £715,000

FOR SALE BY AUCTION

*** SOLD POST AUCTION ***

GUIDE PRICE £700,000 +++
SOLD POST AUCTION £715,000

LOT NUMBER 10
Wednesday 30th November
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

SOLICITORS

Ed Allingham
SIMS COOK & TEAGUE LLP
eallingham@simscookteague.com
40 High Street Thornbury Bristol BS35 2AJ
DX 48361 THORNBURY
Tel: 01454 414342 Fax: 01454 281276

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

An imposing Freehold period house ( 3285 Sq Ft ) with Bath Stone elevations and a plethora of period features including ceiling cornices, fireplaces and a fine balcony at the rear of the property. Standing well back from the road the with the advantage of a very good size garden for a town house, the property is currently arranged as four self-contained flats with the benefit of an HMO license. The first floor is vacant and the other three are currently tenanted (details of the tenancies are detailed below). The upper two floors have gas fired central heating. We understand the Garden Flat has the rear garden whilst the Hall Floor Flat has the front and all flats are on separate leases.

LOCATION

Cotham Road is in a prestigious and attractive location on The Cotham Redland borders and within a short walk of the University of Bristol, and The Medical, Shopping, Leisure and Business heartland of the City. The property is ideally suited for access to Whiteladies Road (0.5 miles), Gloucester road (0.75 miles) and the city Centre (1 Mile) whilst Redland Green train station is located with a quarter mile plus local shops to be found in Kingsdown within a few hundred yards. The motorway network is easily accessible as are the main stations.

THE OPPORTUNITY

The flats have provided a reliable rental income for the previous 35 years but would now benefit from updating.
This property provides an ideal opportunity to acquire a very substantial and imposing period house in one of the most desirable residential areas of Bristol where there is a high demand for investment properties as well as those seeking a family homes.
This property provides an ideal long term investment and has the potential to provide a substantial income in future years particularly if some of the flats are up-graded.
Alternatively vacant flats could be sold individually after renovation.
Possible long term potential to revert to a family house.

Buyers must note the protected tenants in the Hall and Garden flats.

EXTENDED COMPLETION

Completion has been set for the 6th January 2017

INCOME AND TENANTS

GARDEN FLAT
Protected Tenants - £735 pcm

HALL FLAT
Protected Tenants - £595 pcm

FIRST FLOOR FLAT
Vacant

TOP FLOOR FLAT
Let on AST agreement to students £1144.56 pcm terminating 30th June 2017

PLEASE REFER TO ONLINE LEGAL PACK FOR DETAILS OF THE TENANCY AGREEMENTS.

RENOVATED RESALE VALUES WITH VACANT POSSESSION

We would suggest the following values on the assumption of vacant possession and the flats being renovated to a high standard.

Garden Flat ( Sole Use of Garden )
£400,000- £415,000

Hall Floor Flat
£315,000- £325,000

First Floor
£295,000- £305,000

Top Floor
£275,000- £285,000

RENTAL APPRAISAL

The Local Experts say;

Kingsley Thomas Property Letting & Management is confident this property would make a good rental investment situated in one of the most popular areas of the city for both the professional and Student sectors of the letting market. We have assisted the current owner with the letting of the top floor flat to students for many years and we would be suggesting an uplift in rent again this year to approximately £420.00 per person pcm. The vacant first floor flat is in need of complete refurbishment but has excellent potential. We would suggest investigating the possibility of moving the kitchen of this flat to the rear left room and having the lounge adjacent to that to create a 2 bedroom flat ensuring provision for lobby to the bathroom. If this is achieved we would then expect the rental of this to be in the region of £975.00 pcm. Both the Hall Floor Flat and Garden Flat have regulated tenants but if the opportunity arises in the future for vacant possession, we would suggest full refurbishment to take advantage and develop the character and features of each including the balcony of the Hall Floor Flat & the good size rear garden which we understand is with the Garden Flat. Kingsley Thomas’ Managing Director John Ford says we would be delighted to offer our services to the purchaser of this property. For a no obligation discussion, please contact John on 0117 9469000 or email john@kingsleythomas.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 £750 + 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 Home Start Bristol as our 2016 Charity of the year. We are delighted to announce that 10% of every buyer’s premium will be donated to this excellent local charity – Home-Start Bristol provides a unique kind of help which has a profound impact on struggling families with young children, 98% of those who finished a period of support reported that their wellbeing had increased. If you would like to find out more about Home-Start Bristol and how you can support us please visit our website www.homestartbristol.org.uk