Property description
***For sale by Auction on 22nd September*** ***Guide Price: £350,000 - £400,000*** Dating from 1767 this is a substantial Grade II Listed period building now arranged as a mixture of 10 studios, flats and maisonettes. The ground floor offers 2 x studios, 2 x 1 beds, 1 x 2 bed and 1 x 2 bed maisonette. The first and second floor offers 4 x 1 bed maisonettes. The property offers a yield in excess of 12% per annum producing a total of £44,460. Once modernised there is scope for increasing the rents and the number of bedrooms (subject to the necessary planning consents). Offers significant break-up value.
Substantial building comprising 10 flats with an annual yield in excess of 12%
Dating from 1767 this is a substantial Grade II Listed period building now arranged as a mixture of 10 studios, flats and maisonettes. The ground floor offers 2 x studios, 2 x 1 beds, 1 x 2 bed and 1 x 2 bed maisonette. The first and second floor offers 4 x 1 bed maisonettes. The property offers a yield in excess of 12% per annum producing a total of £44,460. Once modernised there is scope for increasing the rents and the number of bedrooms (subject to the necessary planning consents). Offers significant break-up value.
Situation
Shepton Mallet is situated approximately 18 miles south of Bristol and 5 miles east of Wells on the A37. Lying to the south of Mendip Hills, Shepton offers a blend of old and new; a combination of ancient market town and modern industrial setting. Whitstone House is within easy walking distance of the town centre. Castle Carey inter-city main line station is some 5 miles south.
Key Points
⢠Substantial Grade II Listed Building⢠Arranged as 10 flats with lots of original features⢠Currently producing an attractive yield in the region of 12%⢠The accommodation offers a range of studios and 1 & 2 bed flats and maisonettes⢠All flats come with off street parking and communal garden⢠The property now requires modernisation and improvement⢠Opportunity to further increase rents once improved⢠May have potential of further development subject to planning permissions⢠Excellent brake-up opportunity
Accommodation
â¢Flat 1 - Ground floor flat, 2 beds, 103sqm, let at £550 pcm *Purchased in 2005 for £120,000â¢Flat 3 - 1st/2nd floor maisonette, 1 bed, let at £325 pcmâ¢Flat 3a - 1st/2nd floor maisonette, 1 bed, 64sqm, let at £435 pcmâ¢Flat 4 - 1st/2nd floor maisonette, 1 bed, 54sqm, let at £320 pcmâ¢Flat 4a - 1st/2nd floor maisonette, 1 bed, 46sqm, let at £305 pcm *Not selfconatinedâ¢Flat 5 - Ground/1st/2nd floor maisonette, 2 beds, 58 sqm, let at £575 pcmâ¢Flat 6 - Ground floor, studio, 31sqm, let at £300 pcmâ¢Flat 7 - Ground floor, studio, 45sqm, let at £295 pcmâ¢Flat 8 - Ground floor flat, 1 bed, 42sqm, let at £250 pcmâ¢Flat 8a - Ground floor flat, 1 bed, 31sqm, let at £350 pcm
Possession
The property is sold subject to the aforementioned assured shorthold tenancies. For further details please refer to the legal pack
Viewing
Tuesdays and Thursdays at 2.30pm. Please be at the front of the property at 2.30 pm
For Sale by Auction
On Thursday 22nd September at 7.00pmAt Ashton Gate Stadium, Winterstoke Road, Bristol BS3 2LQPlease note additional auction fees apply - please refer to the Special Conditions of Sale contained in the legal pack.
Legal Pack
A full auction legal pack can be downloaded from www.auctionhousebristol.co.uk once available. For further information on the other other lots in this auction please visit the website.
Property Features :
- Substantial Grade II Listed Building
- Arranged as 10 flats with lots of original features
- Currently producing an attractive yield in the region of 12%
- The accommodation offers a range of studios and 1 & 2 bed flats and maisonettes
- All flats come with off street parking and communal garden
Property Info: