LOT 9
Postponed
For sale by auction
15th November 2023
44-46, Knowle Road, Bristol, Bristol BS4 2ED
Guide Price £1,200,000+++ (plus fees)
Price £1,200,000+++
- For sale by livestream online auction on 15th November 2023
- Guide price £1,200,000+++
- 2 x Victorian mid terrace house arranged over 5 floors
- Currently arranged as 9 flats and 2 garages with further development potential
- 8 week completion
- Pre-auction offers considered
Description
The property comprises a pair of triple bay fronted, Victorian townhouses converted into eight flats with a potential ninth spanning the lower basement of both properties. In addition, there are a pair of larger than average garages to the rear accessed from Winton Lane, which may offer further development potential subject to the necessary consents. The property is currently let at £86,400 but offers significant increase potential of circa £120,000 per annum once fully updated. Alternatively, the property could be sold off as individual flats and once refurbished offers are GDV in excess of £2,000,000.
All the flats enjoy far reaching views from the rear towards Clifton including Bristol’s famous Clifton Suspension Bridge, Cabot Tower and the Wills Memorial Building to name just a few. Situated on the borders of Totterdown, and Knowle the property is ideally situated for access to Bristol City centre and Temple Meads train station. With the new Bristol University Temple Quarter Enterprise Campus at under construction and due for completion in 2025 as well as the new Bristol Dental School approximately 1 mile away the property is sure to be of interest to student landlords as well as the wider investment market.
Offered with an 8 week completion.
Accommodation & Rent for 44 Knowle Road
• Basement flat: Private entrance. Open plan living room with kitchen, 1 double bedroom, bathroom 2 internal rooms and steps down to rear garden. EPC C. Size 47m2/505 sq.ft. Council Tax Band A. Let from 08/01/23 for 6 months (now periodic) at £700 pcm.
• Ground floor: Communal entrance with hallway and stairs leading to upper floors.
Flat: Open plan living room with kitchen, 1 double bedroom, bathroom. EPC D. Size 42m2/452 sq.ft. Council Tax Band A. Let from 08/01/23 for 12 months at £700 pcm.
• First Floor Flat. Living room, separate kitchen, 1 double bedroom, bathroom. EPC C. Size 45m2/484 sq.ft. Council Tax Band A. Let from 01/09/22 for 6 months (now periodic) at £800 pcm.
• Top/second floor flat: internal staircase from 1st floor. Open plan studio flat with front and rear dormer windows. Raised mezzanine storage area. Bathroom. EPC D. Size 44m2/473 sq.ft. Council Tax Band A. Let from 27/11/22 for 6 months (now periodic) at £900 pcm.
Total annual rent: £37,200
Accommodation & Rent for 46 Knowle Road
• Lower basement: internal stairs case down from basement level to two rooms spanning the rear of 44 & 46. Potential accommodation includes kitchen living room, bedroom and bathroom. Access to garden. Currently let at £700 pcm.
• Basement: Communal hallway with access to lower basement.
Flat: Living room with kitchen off, 1 double bedroom, bathroom and steps down to garden. EPC C. Size 48m2/516 sq.ft. Council Tax Band A. Currently vacant, last let at £875 pcm.
• Ground floor: Communal entrance with hallway, cupboard with communal washing machine and stairs leading to upper floors.
Flat: Open plan living room with kitchen off, understairs cupboard, 1 double bedroom, bathroom. EPC D. Size 42m2/452 sq.ft. Council Tax Band A. Let from 14/05/23 for £925 pcm.
• First Floor Flat. Living room, separate kitchen, 1 double bedroom, bathroom. EPC C. Size 45m2/484 sq.ft. Council Tax Band A. Let from 01/02/23 for 12 months at £800 pcm.
• Top/second floor flat: internal staircase from 1st floor. Open plan studio flat with front and rear dormer windows with baloney to rear. Bathroom. EPC C. Size 44m2/473 sq.ft. Council Tax Band A. Let from 01/03/23 for 12 months at £800 pcm.
Total annual rent (including vacant flat): £49,200
Potential rental values:
The close position to the new Bristol University Temple Enterprise Campus makes these ideal for student rentals with high potential yields once open. In the meantime local letting agents Davies & Way feel once presented to a modern standard the flats should rent for circa £1,000 – £1,100 pcm in todays market (October 2023). The garage/workshops should rent for circa £150 pcm each. This gives a gross potential rental yield of £111,600 – £122,400 based on 9 flats and 2 garages.
Potential Gross Development Value
Davies & Way estate agents feel that once the flats are presented in a modern standard they will likely offer an average resale value in the region of £225,000 each at todays values (October 2023). The Garages have a likely value of £20,000 each although may offer further development potential. The total GDV is in the region £2,065,000.
Agents Note
1. The property is owned on two separate titles. The lateral conversion of the lower basement of both properties may impact the ability to raise finance. If required the sellers will reinstate the party wall between exchange and completion.
2. The occupational status of each flat may be subject to change and interested parties should refer to the schedule in the special conditions of sale in the legal pack prior to the auction.
Viewings
A video virtual tour is available. Viewings will be strictly by set viewing time. Please call to book.
For Sale by Live Stream Auction on 15th November
In order to take part you must complete the registration form and return it together with two forms of ID. You will then be able to bid from the luxury of your own home either over the internet, by phone or by proxy. Please note the auctioneers have made their best endeavours to disclose all additional fees. Interested parties should refer to the special conditions of sale contained in the Legal Pack for any late amendments or additions to these fees as well as the auction day addendum sheet prior to bidding.
Finance available
We are advised by our third party bridging finance and mortgage brokers that finance is available on this lot, please contact us to find out more.
Additional Fees
Administration Charge
Buyer's Premium
Search Fee
Disbursements
EPC Rating: C - D
Council Tax Band: A
Local Authority: Bristol City Council
Tenure: Freehold
Guide Prices & Reserves
Guides are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Additional Fees
Please be aware there may be additional fees payable on top of the final sale price. These include and are not limited to administration charges and buyer's premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.
Plans, Maps and Photographs
The plans, floorplans, maps, photograph’s and video tours published on our website and in the catalogue are to aid identification of the property only. The plans are not to scale and should not be relied upon.
Consumer Protection Regulations 2008
City & Rural Property Auctions endeavour to make our sales details clear, accurate and reliable in line with the Consumer Protection from Unfair Trading Regulations 2008 but they should not be relied on as statements or representations of fact, and they do not constitute any part of an offer or contract. All references to planning, tenants, boundaries, potential development, tenure etc is to be superseded by the information contained in the legal pack. It should not be assumed that this property has all the necessary Planning, Building Regulation, or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide-angle lens. The seller does not make any representation or give any warranty in relation to the property, and we have no authority to do so on behalf of the seller.
Anti Money Laundering Regulations.
Intending buyers will be asked to produce identification documentation either as part of the bidder registration process of if they make an acceptable pre-auction offer, we would ask for your co-operation in order that there will be no delay in agreeing the sale.
