Block of flats for sale in West Park, Redland, Bristol BS8

A substantial and imposing four storey period building comprising six self-contained flats (2 x two-bedroom flats and 4 x studio flats). The property is currently partially let producing £57,060 per annum and there is scope to increase the rental income to a figure in the region of £85,000 per annum once fully occupied at the market rents. An exciting opportunity to acquire a substantial Freehold investment property with superb rental potential in the heart of Redland.

Description

An exciting opportunity to acquire a substantial and imposing four storey period building comprising six self-contained flats (2 x two-bedroom flats and 4 x studio flats). The property is currently partially let producing £57,060 per annum and there is scope to increase the rental income to a figure in the region of £85,000 per annum once fully occupied at the market rents. The property benefits from a good-sized south-easterly facing garden and is ideally located just 50 yards from Whiteladies Road offering a wide range of shops, bars and restaurants.

Location

The property is situated on West Park, approximately 50 yards from the popular Whiteladies Road with its wide array of amenities including coffee shops, restaurants and a number of supermarkets. Easy access is provided to the Bristol Royal Infirmary, University and Royal West of England Academy.

Schedule Of Accommodation

Flat A - Two bedroom garden flat.

Flat B - Ground floor studio flat.

Flat C - Ground floor studio flat.

Flat D - First floor studio flat.

Flat E - First floor studio flat.

Flat F - Second floor two-bedroom flat.

Planning

An application for a Lawful Development Certificate for an Existing Use or Operation or Activity (Use of 14 West Park as 6 independent residential apartments for in excess of 4 years ) was granted on 20 May 2024 under Application No. 24/01389/CE.

Tenancy Details

Flat A - Let on on AST dated October 2022 at £1,295 pcm.

Flat B - Currently vacant.

Flat C - Let on on AST dated January 2016 at £595 pcm.

Flat D - Let on on AST dated November 2021 at £745 pcm.

Flat E - Let on on AST dated August 2023 at £925 pcm.

Flat F - Let on on AST dated February 2023 at £1,195 pcm.

We consider that the current rental income is below market level and we would expect to achieve approximately £1,650 pcm for the garden flat, approximately £1,450 pcm for the top floor flat and circa £1,000 pcm for each studio flat in the current market. This would equate to a total annual income of circa £85,200 per annum if fully occupied at market level with scope to increase these rents further following some cosmetic works.

Local Authority

Bristol City Council.

Tenure

The property is for sale on a freehold basis, subject to the existing Assured Shorthold Tenancy agreements.

Energy Performance Certificates (Epcs)

Flat A - Rating E / flat B - Rating D / flat C - Rating D / flat D - Rating D / flat E - Rating C / flat F - Rating E

Rental Estimates

All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.

Viewing

Strictly by appointment with Maggs & Allen .