22, Westfield Park, Redland, BS6 6LX
Sold, £1,400,000


Key Features

  • BLOCK OF FLATS - INVESTMENT / BREAKUP
  • FIRST TIME ON THE MARKET SINCE 1940'S
  • £68,400 INCOME PER ANNUM
  • FOUR SELF CONTAINED FLATS
  • PRIME INVESTMENT OPPORTUNITY

THE PROPERTY

On the market for the first time since the 1940's this prime Freehold semi detached period property ( 4949 Sq Ft ) occupies a prominent corner position and is arranged as four large self contained flats.
The flats have been let for a number of years and whilst having been well maintained they would now benefit from some basic updating but offer bright and airy spacious accommodation in this highly sought after location.

ACCOMMODATION SCHEDULE

FLAT 1 - BASEMENT

Kitchen
Lounge
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

FLAT 2 - HALL FLOOR

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

FLAT 3 - FIRST FLOOR

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom
Shower room

FLAT 4

Lounge
Kitchen
Bedroom 1
Bedroom 2
Bedroom 3
Bathroom

OUTSIDE

Front Garden
Rear Garden
Storage Area
Off Street Parking

LOCATION

The property is located in a picturesque tree lined road adjacent to Whiteladies Road with its wide range of shopping and entertainment facilities.

THE OPPORTUNITY

INVESTMENT / INCREASE RENTS

The block is fully let producing £68,400 per annum but there may be scope to increase these rents by updating each individual flat.

BREAK UP / REFURBISH / RESALE

The vacant value of each unit allows for a significant profit would buyers wish to undertake a luxury refurbishment and break up the block for individual sale.
We understand the renovated value of each unit is

Flat 1 £400,000 - £425,000 ( Including Garden)
Flat 2 £450,000 - £500,000
Flat 3 £425,000 -£450,000
Flat 4 £375,000 - £425,000
TOTAL £1.65m - £1.8m

FAMILY HOME

Scope to convert back into a Family Home in this sought after location.

OFF STREET PARKING

There is scope for additional off street parking on the front garden area,

EXISTING TENANTS / INCOME

All flats are sold subject to the existing AST tenancies as follows;

FLAT 1 ( BASEMENT )
£1600 pcm
Start Date - 18/06/2016

FLAT 2 ( HALL FLOOR FLAT )
£1400 pcm
Start Date - 21/04/2017

FLAT 3 ( FIRST FLOOR )
£1300 pcm
Start Date - 17/09/2017
TO BE SOLD WITH VACANT POSSESSION

FLAT 4 ( TOP FLOOR )
£1400 pcm
Start Date - 24/03/2017

TOTAL £5,700 pcm / £68,400 pcm

RENTAL APPRAISAL

This impressive property is located ideally for either professional and student lettings alike. The properties in terms of layout and condition are generally great for letting with separate kitchen and reception rooms. With regarded to current rental values:

Basement Flat £1650 pcm
Hall Floor Flat £1650 pcm
1st Floor Flat £1650 pcm
2nd Floor Flat £1650 pcm

£79,200 Per annum.

All properties are of an adequate letting condition and should be able to achieve the above levels without works occurring.

If you have any queries please contact Clifton Rentals on info@clifton-rentals.co.uk or 0117 911 3423/07854367689


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