PRIME MIXED USE INVESTMENT FOR SALE 96 WHITELADIES ROAD, CLIFTON BRISTOL, BS8 2QX
COMPRISING FOUR HIGH QUALITY, CONTEMPORARY FLATS, PLUS A HIGH QUALITY RESTAURANT, ALL FITTED TO A VERY HIGH STANDARD.
SITUATED IN A PRIME CLIFTON LOCATION IN THE HEART OF BRISTOL.
CURRENT ANNUAL RENTAL INCOME - £143,100 PER ANNUM.
FREEHOLD GUIDE -£2,300,000
LOCATION The property is situated fronting onto West Street, at the heart of the increasing popular central Bristol area of Old Market. Cabot Circus, Bristol’s main city centre retailing area is within walking distance and there is good access to Temple Meads railway station and the M32 motorway. Historically the Old Market area was a thriving central shopping area and was once the main road leading to London. Over the last decade, with the completion of Temple Meads as Bristol’s prime city centre office location and the development of Bristol’s new city centre shopping destination of Cabot Circus, Old Market which neighbours both of these areas is now a popular residential location with an eclectic mix of specialised shops and a wealth of leisure facilities and new residential developments. DESCRIPTION The property comprises a substantial mid terrace property, which has undergone an extensive redevelopment to provide 5 high quality, self-contained, residential flats over the upper floors with an established fully fitted restaurant over the ground and basement floors. The flats are very well appointed with modern kitchen's and are being sold fully furnished. ACCOMMODATION We understand the property has the following approximate net internal areas; Total Ground Floor Sales (Incl of partition walls and WCs) Stores/Ancillary Ground Floor Total
236.07 sq m
(2,541 sq ft)
16.16 sq m 252.23 sq m
( 174 sq ft) (2,715 sq ft)
Basement Store Total of Ground and Basement
22.29 sq m 274.51 sq m
( 240 sq ft) (2,955 sq ft)
Residential Flats The flats have the following accommodation: Flat 1 – This is a first floor flat and located on the rear of the building with it's own entrance. Comprising an open plan living room / kitchen, five double bedrooms, shower room and cloakroom. Flat 2 – This is a first floor flat facing onto Whiteladies Road. Comprising a living room, kitchen, three double bedrooms, shower room and cloakroom. Flat 3 – This is a second floor flat facing onto Whiteladies Road. Comprising a living room , kitchen, four double bedrooms, shower room and cloakroom. Flat 4 - Third floor flat (top floor) facing onto Whiteladies Road. Comprising a living room, kitchen, four double bedrooms, shower room and cloakroom. TENANCIES Upper Floor Flats We are advised by our clients that the residential flats are highly sought after and are currently fully let under Assured Shorthold Tenancies producing the following rental income: Flat 1 – Five bedrooms let at £485 pcm each, producing £29,100 pa Flat 2 – Three bedrooms let at £500 pcm each, producing £18,000 pa Flat 3 – Four bedrooms let at £500 pcm each, producing ££24,000 pa Flat 4 – Four bedrooms let at £500 pcm each, producing £24,000 pa Total Income from Residential Flats - £95,100 pa CONTROL OF ASBESTOS AT WORK REGULATIONS 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.
Ground Floor and Basement The ground floor and basement is let to Bosco Bristol Limited by way of a lease dated 28th February 2014, with a personal guarantee, for a term of 15 years. The current rental is £48,000 per annum, exclusive and the rent review dates are 26th February 2019 and 5 yearly thereafter. The lease is drawn on an effectively full repairing and insuring basis and the permitted use is as a restaurant (A3) and licensed bar (A4). Rental Income The current rental income for the property is £143,100 per annum, PRICE/TENURE The property is offered for sale freehold at a guide price of £2,300,000, providing an initial yield of 6.18% before purchase costs. NB – This property has been finished to the highest standard for which we are advised there is very strong tenant demand and there have been no letting voids on the residential elements. ENERGY PERFORMANCE CERTIFICATES The Ground floor retail unit has an EPC rating of D – 79 Flat 1 has and EPC rating of E - 44 Flat 2 has and EPC rating of D - 60 Flat 3 has and EPC rating of D - 59 Flat 4 has an EPC rating of E- 53 Copies of certificates can be provided upon request. VAT All prices quoted are exclusive of VAT if applicable. – We are advised that VAT is not payable on the sale price, however, interested parties must make their own enquiries and satisfy themselves in this regard. LEGAL COSTS Each party is responsible for their own legal costs incurred in respect of this transaction. VIEWING AND FURTHER INFORMATION For further information or for an appointment to view, contact the sole agents: Burston Cook FAO: Charlie Kershaw MRICS Tel: 0117 934 9977 SUBJECT TO CONTRACT – OCTOBER 2017
CONTROL OF ASBESTOS AT WORK REGULATIONS 2002 Under the Control of Asbestos at Work Regulations 2002 (CAW Regulations), the owner or tenant of the property, and any one else who has control over it and/or responsibility for maintaining or repairing it, may be under statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAW Regulations is an offence and could adversely affect the value of the property. The detection of asbestos and asbestos related compounds is beyond the scope of Burston Cook expertise and accordingly: (1) Burston Cook makes no representation as to the presence or otherwise of any asbestos or asbestos related compounds in the property. (2) Burston Cook strongly recommends that prospective purchasers obtain advice from specialist environmental constants if they have any concerns about asbestos and asbestos related issues.