Classic House, Stokes Croft, Stokes Croft, BS1 3TB
Sold, £1,700,000

THE PROPERTY

Classic House is a 1970's Freehold mixed use property occupying a prominent corner position with accommodation that was converted from offices in 1999 and arranged over 3 Floors
The ground Floor is occupied by a commercial tenant and the upper floors comprise four self contained student flats providing 23 rooms.

LOCATION

The property occupies a prominent position within the popular suburb of Stokes Croft. An array of amenities and services are all within close proximity including independent retailers, convenience stores, pubs, bars, cafes and restaurants.
Bristol City Centre, The University of Bristol and Bristol Royal Infirmary are all within walking distance of the property.

THE OPPORTUNITY

INVESTMENT

A mixed use investment producing £151,650

SCOPE TO INCREASE INCOME

We understand there is scope to rearrange the layout of the existing flats to increase the number of bedrooms.

POSITIVE PRE APP TO DEVELOP BUILDING ( Available to download in the Online legal Pack )

Proposal to add an additional two floors and 4 further units of accommodation.
This in addition to improving the existing layout would allow for the possibility to significantly increase the income subject to any consents

RENTAL INCOME - £151,650 pa

COMMERCIAL UNIT

A new lease generating £24,150 pa will commence from 1st Feb 2018 with an option for the landlord to request vacant possession with 9 months notice
PLEASE REFER TO LEGAL PACK TO REVIEW CURRENT AND NEW SIGNED LEASE.

STUDENT FLATS
( Let for 2017 / 2018 Academic Year )

ALPHA
6 Rooms £475 pcm
£2850 pcm
£34,200 pa

BETA
5 Rooms £475 pcm
£2375 pcm
£28,500 pa

GAMMA
5 Rooms £450 pcm
£2250 pcm
£27,000 pa

DELTA
7 Rooms £450 pcm
£3150 pcm
£37,800 pa

RENTAL APPRAISAL

Local Lettings experts DIGS say;

In our opinion, this building holds the potential, subject to planning, to greatly increase the number of lettable units which would then create a significantly increased income from that being achieved currently. The existing layout has very large bedrooms and excessively spacious communal areas. It is likely that the purchaser of this building would want to completely change the internal layout to accommodate a larger number of smaller letting units to make full use of the internal communal areas and perhaps also to utilise the possibility of adding further skylights to the top floor to create more bedrooms centrally. The flats would need to be completely refigured and refitted throughout.
With the current lack of opportunities in the City Centre this is an area that is now rapidly becoming more and more the prime focus of developers in this market area and is a location which we believe is going to play a key part in the student letting market of the future.
Projected income for 3 to 4 bed cluster units in this location if done to A1 high standard is £475 to £495 for 2018-19 occupation depending on room size.

Nick Jackson
General Manager

0117 930 8750 info@bristoldigs.co.uk 1 Triangle South | Clifton | Bristol BS8 1EY

ACCOMMODATION - REFER TO FLOORPLAN

GROUND FLOOR
Commercial Unit
Access

FIRST FLOOR

ALPHA FLAT
6 bedrooms
6 en suite bathrooms
kitchen / lounge

BETA FLAT
5 bedrooms
Kitchen / lounge
W.C x 2
Shower room x 2

SECOND FLOOR

GAMMA FLAT
5 bedrooms
kitchen / lounge
W.C x 2
Shower room x 2

DELTA FLAT
7 bedrooms
Kitchen / lounge
W.C x 3
Shower room x 3