Deben House, 1 - 5, Lawrence Hill, Old Market, BS5 0BY
Sale Agreed £910,000
Lot No 30
Lot No 30
FOR SALE BY AUCTION
*** SALE AGREED PRIOR TO AUCTION ***
GUIDE £750,000 +++
SALE AGREED @ £910,000
LOT NUMBER 30
Wednesday 28th November 2018
All Saints Church Pembroke Road, Clifton, Bristol BS8 2HY
Legal packs will be available for inspection from 18:00.
The sale will begin promptly at 19:00
Completion is set for 8 weeks or earlier subject to mutual consent.
M: +44 (0) 7887 556 097
T: +44 (0) 117 325 3881
ONLINE LEGAL PACKS
Digital Copies of the Online legal pack can be downloaded Free of Charge.
Please visit the Hollis Morgan Website and select the chosen lot from our Current Auction List.
Follow the RED link to "Download Legal Packs" For the first visit you will be required to register simply with your email and a password.
Having set up your account you can download legal packs or if they are not yet available they will automatically be sent to you when we receive them.
You will be automatically updated by email if any new information is added.
There will be a note added to the list to confirm AUCTION PACK NOW COMPLETE when no further information is due to be added.
*** STAY UPDATED *** By registering for the legal pack we can ensure you are kept updated on any changes to this Lot in the build up to the sale.
An attractive red brick Freehold property occupying a prominent corner position in the sought after Old Market District close to Bristol City Centre.
The property is arranged over 4 floors ( 10,619 Sq Ft ) and comprises a range of shared & private spaces and whole floors let to local businesses with a communal space on the ground floor. ( Refer to schedule in legal pack )
The property is located within the popular suburb of Old Market close to Bristol City Centre. Local amenities and services are all within close proximity including independent retailers, bars, pubs and cafes. Bristol Temple Meads railway station is within walking distance as well as the Cabot Circus retail complex.
COMMERCIAL INVESTMENT - £120K PER ANNUM
The property is currently let ( 100% occupancy 15.8.18 ) producing £120,000 per annum (£120k is inclusive of VAT and the rent is inclusive of utilities i.e. the current owners pay the bills for these)
We understand the building has been 96-100% occupied since 2015 with an annual net profit of between 75-85%.
Please refer to rent schedule in the legal pack or visit the managing agents website www.meanwhilecreative.co.uk/projects/deben-house/
( We understand Menawhile Creative would be interested in managing the building going forward at a rate of 15 % )
Plans for 18 residential units were submitted ( withdrawn due to decision not being made in time for the auction date )
Please refer to legal pack for details of the planning information.
Buyers should make their own investigations.
There is huge demand for student accommodation in this central location and buyer may wish to investigate this option.
PLANNING 18 FLATS - WITHDRAWN
Application ReceivedMon 11 Jun 2018
Application ValidatedMon 11 Jun 2018
AddressDeben House 1 - 5 Lawrence Hill Bristol BS5 0BY
ProposalNotification for prior approval for a proposed change of use of the building from office use (Class B1(a)) to 18 flats (Class C3).
Decision Issued DateTue 31 Jul 2018
Please note that VAT will be payable on this sale.
PRE AUCTION OFFERS
Some properties may be available to buy prior to the auction.
Pre auction offers can be only submitted by completing the OFFER FORM which can be downloaded with the online legal pack - please email the COMPLETED form to – firstname.lastname@example.org.
Please note offers will not be considered until you have VIEWED the property and the COMPLETE LEGAL PACK has been released.
You will be emailed a note to confirm the AUCTION PACK NOW COMPLETE and then offers can be submitted.
In the event of an offer being accepted the property will only be removed from the auction and viewings stopped once contracts have successfully EXCHANGED subject to the standard auction terms and payment of the buyer’s premium ( £1,200 ) to Hollis Morgan. Contracts can be signed either via the solicitors or at the Hollis Morgan offices subject to appointment.
For full details of the EPC please refer to the online legal pack.
Please be aware all purchasers are subject to a £1000 + VAT (£1,200 inc VAT) buyer's premium which is ALWAYS payable upon exchange of contracts whether the sale is concluded before, during or after the auction date.
An indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
SURVEYS AND VALUATIONS
If you would like to arrange a survey or mortgage valuation of this Lot BEFORE the auction please instruct your appointed surveyor to contact Hollis Morgan and we will arrange access for them to inspect the property. Please note that buyers CANNOT attend the surveys and the surveyors are responsible for collecting and returning keys to the Hollis Morgan offices in Clifton.
BIDDING AT THE AUCTION
This property is for sale by public auction and if you intend to bid please bring the following:
Proof of identity (valid passport or photo driving licence).
Proof of address (bank statement, recent utility bill, council tax bill or tenancy agreement).
10% deposit payment.
Buyers premium payment.
Details of your solicitor.
PAYING THE DEPOSIT & BUYERS PREMIUM
We can only accept the following at the auction:
Personal or Company Cheque
Debit Card ( NOT CREDIT CARD )
TELEPHONE AND PROXY BIDDING
If you cannot attend the auction (although we strongly advise you do) you can make a TELEPHONE or PROXY BID. This authorises the auctioneer to bid on your behalf up to a pre-set limit. Forms and relevant conditions are available to download with the online legal pack. A completed form, ID and two cheques (one for the 10% deposit and one for the Buyer's Administration Fee of £1,200) are required by the Auction Department at least two full working days before the auction.
AUCTION BUYERS GUIDE VIDEO
We have short video guides for both buying and selling by Public Auction on the Hollis Morgan Website. If you have any further questions regarding the process please don’t hesitate to contact Auction HQ.
WHY HOLLIS MORGAN?
Hollis Morgan regularly hold the largest property auctions across Bristol and the West Country from our iconic Sale Room in Clifton, since we formed in 2010 we have sold the most £££'s of land and property by Public Auction in the region - EVERY YEAR!
Between 2010 and 2017 we have held 45 auctions, offering 1135 lots and raising over £225m for clients across the region
Did you know….Hollis Morgan sold more £££’s of land and property by auction than all the other Bristol Auctioneers combined in 2017 with over £49m of successful sales!
We are very proud of what our past clients have say about us - please visit the Hollis Morgan website to read their testimonials.
CHARITY OF THE YEAR
Hollis Morgan are supporting Bristol charity based Off the Record! as our 2018 charity of the year with 5% of each buyers premium donated to help provide free and confidential mental health support and information to young people aged 11-25 in Bristol - www.otrbristol.org.uk In 2017 we were delighted to be involved in raising £30,000 over 3 events for the “Life for a cure” Bristol based meningitis charity - www.ryanbresnahan.org Visit the Charity page of our Website for further details - https://www.hollismorgan.co.uk/charity/