10 - 11, Denmark Street, City Centre,
UNDER OFFER, £275,000
A Grade II Listed Freehold opportunity comprising 10 & 11 Denmark Street ( 5875 Sq FT ) comprising an established restaurant ( A3 ) trading on the ground floor / mezzanine and basement plus a self contained 9 bedroom HMO on the upper 3 floors.
Denmark Street is located adjacent to the Bristol Hippodrome theatre within the heart of the City Centre. Local attractions such as the Harbourside, Bristol Royal Infirmary and Bristol University are all within close proximity. Park Street is just around the corner and offers an array of independent retailers, cafes, bars and restaurants.
The property is current let to SA BRAIN on a 30 year lease from 27th October 1997 ( Refer to legal pack )
We understand SA BRAIN sublet the property to the existing tenants who occupy and run the whole building i.e. the restaurant and the HMO.
The property is arranged as 2 Freeholds ( 10 & 11 ) and subsequently two identical leases generating £9,5000 each per annum ( £19,000 per annum )
SCOPE TO INCREASE INCOME
We understand the lease is subject to a 5 year rent review which has not been actioned since the start of the lease term in 1997 so there is potential to renegotiate the existing lease.
Subject to negotiating a surrender of the lease / Vacant Possession there is clearly scope to increase the income of both elements of the building - please refer to rental appraisals.
UPPER FLOORS - POTENTIAL
The upper floors would be suitable for conversion to self contained flats ( Subject to consents )
An interesting longer-term investment. Potential buyers would need to seek advice around income for the commercial side of the property. However the location is ideal for students and would be popular with both Bristol University and University of West of England alike. Large properties like this are very popular with second year students. If the property (just residential) was updated for the next academic year we would suggest that the property be marketed at £545.00 per room which just from the residential side of things would generate £4905pcm or £58860 p/a.
A different investment proposition but one for the future.
If you have any questions or queries regarding this valuation please contact us on 0117 911 3423, 07854367689 or email@example.com