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Flats 3,4,6,8,9, Fitzhardinge House, Tailors Court, City Centre, BS1 2EY
Auction Guide Price +++ £1,700,000
LOT 7


Lot No 7

FOR SALE BY AUCTION

LOT NUMBER 7
Wednesday 25th September 2019
All Saints Church Pembroke Road, Clifton, Bristol BS8 2HY
Legal Pack Room and Registration will be open from 18:15
The sale will begin promptly at 19:00

EXTENDED COMPLETION

Completion is set for 8 weeks or earlier subject to mutual consent.

WEEKLY SET VIEWING

VIEWINGS TO COMMENCE FROM 26TH AUGUST - PLEASE REGISTER FOR ONLINE LEGAL PACK TO BE KEPT UPDATED ON SET VIEWING TIMES.

The property is OPEN FOR 30 MINUTES but please leave a minimum of 15 minutes to inspect the property.
Hollis Morgan would be grateful if you could arrive promptly to inspect the properties at the START of the specified times as we have scheduled viewings throughout the day and CANNOT wait for late arrivals. You do not need to book an appointment as it is a set viewing – simply arrive at the stated time and a member of the Hollis Morgan Auction team will take your details and show you the property.
Please note there are no viewings on Bank Holidays or on the day of the auction.
*** VIEWINGS SUBJECT TO CHANGE - PLEASE CHECK WEBSITE ON THE DAY TO CONFIRM ***

SOLICITORS

Jason Richardson
Davies & Partners
t: 01454 611365
e: Jason.Richardson@daviesandpartners.com

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.

THE PROPERTY

Fitzhardinge house is a 'hands off', low maintenance student investment property arranged as 9 self contained residential leasehold units.
The lot comprises 5 units ( Flats 3,4,6,8 & 9) fully let producing £177,216 per annum ( fully let until September 2020 ) and includes the car park area to the front of the building.
The remaining four units are under the ownership of a single UK based investor; all flats and the freehold are managed by Purple Frog Bristol.
Sold subject to existing tenancies.

LOCATION

'Fitzhardinge House' is located on Tailors Court which is situated in heart of the City Centre. Local attractions such as the Harbourside, Bristol Royal Infirmary, Bristol Temple Meads 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 also within easy walking distance of UoB, BIMM as well as excellent bus links to UWE.

DIRECTIONS

Where High St meets Wine Street turn left onto Broad St. Once on Broad St walk passed the Mecure Hotel on your right and about 50 yards after there is a right hand turn under a sort of archway which is called Tailor’s Court (if you turn right on John St you have gone too far). Walk down there and you will be in the right place.

THE OPPORTUNITY

HIGH YIELDING INVESTMENT

The property is fully let and sold subject to the existing tenancies producing an annual income of £177,266.
24 individual rooms let at £142pw on a 52 week contract
The rent includes all bills.
Refer to legal pack for further details.

HISTORIC RENTAL INCREASES

2017-2018
Total Income - £159,844 pa

2018-2019
Total Income - £171,363 pa
Rental Increase of 7.21% on previous year

2019-2020
Total Income - £177,216 pa
Increase of 3.42% on previous year

OPERATING COSTS

The budget net rent position is 25% Operating Costs, i.e. 75% net income from the gross rent figure. This is broken down roughly as follows;

8% Management Agency Fees
8% Utilities
5% Maintenance
4% Certification/Cleaning/Misc

Energy use is monitored by Purple Frog and there is a fair usage policy in place for energy to ensure costs are as capped as they can be.

ACCOMMODATION SCHEDULE

FLAT 3
First Floor - Open plan living space, 5 Bedrooms, WC and Shower-room

FLAT 4
Second Floor - Open plan living space, 5 Bedrooms, WC and Shower-room

FLAT 6
Third Floor - Open plan living space, 5 Bedrooms, WC and Shower-room

FLAT 8
Fourth Floor - Open plan living space, 5 Bedrooms, WC and Shower-room

FLAT 9
Fourth Floor - Open plan living space, 4 Bedrooms, WC and Shower-room

EXAMPLE OF ACCOMMODATION

OPEN PLAN LIVING AREA
-Integrated washing machine, hob, oven, fridge freezer and extractor fan
-Laminated work tops with tiled splash backs
-50-inch SMART TV
-Window

HALLWAY
-LED Sensor lighting throughout

BATHROOM
-Vinyl flooring
-Single shower
-Hand basin & W.C

WC:
- Hand basin
-Vinyl flooring

BEDROOMS
-Window
-Space for free standing furniture
-Desk space

TENURE AND MANAGEMENT

Tenure - 125 year leases
Ground rent £500 per flat per year
Freehold and all flats in the building managed by Purple Frog Bristol, communal costs (electric/water/cleaning) are shared based on bed ownership (24/22) between the two leasehold owners.
Management 8% including VAT
MANAGED BY PURPLE FROG BRISTOL
For further rental information please contact:
Alex Parsons
Purple Frog Bristol
0117 370 3330

GUIDE PRICE

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.

RESERVE PRICE

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.

BUYER'S PREMIUM

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.

PRE AUCTION OFFERS

Some properties may be available to buy prior to the auction.
Pre auction offers can only be submitted by completing the OFFER FORM which can be downloaded with the online legal pack - please email the COMPLETED form to – olly@hollismorgan.co.uk.
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.

EPC

For full details of the EPC please refer to the online legal pack.

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.

AUCTION FINANCE

Some properties may require specialist auction finance- please contact Hollis Morgan for access to expert advice and "whole of market" rates.

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.

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.

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.

You will need to register to bid – registration will be open from 18:15
Forms can be downloaded and completed beforehand ( found in the legal pack ) or collected at the auction venue.

PAYING THE DEPOSIT & BUYERS PREMIUM

We can only accept the following at the auction:

Personal or Company Cheque
Bankers Draft
Debit Card ( NOT CREDIT CARD )

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 2018 we have held 51 auctions, offering 1321 lots and raising over £269m 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 2018 with over £44m of successful sales!

TESTIMONIALS

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 Zoo’s Bear Wood Appeal as our 2019 charity of the year with 5% of each buyers premium being donated.
Bear Wood is an exciting new development due to open in Summer 2019 at Wild Place Project. The exhibit will transport visitors back in time when the woodland was inhabited by European brown bears, Eurasian lynx, European wolves and wolverine, showing the effects of woodland loss on our native animals.
In 2018 we were delighted to be involved in raising £10,000 over 3 events for the “Off The Record” Bristol based mental health charity - www.otrbristol.org.uk
Visit the Charity page of our Website for further details - https://www.hollismorgan.co.uk/charity/

AUCTION PROPERTY DETAILS DISCLAIMER

Hollis Morgan endeavour to make our sales details clear, accurate and reliable in line with the Consumer Protection from Unfair Trading Regulations 2008 but they should not be relied on as statements or representations of fact and they do not constitute any part of an offer or contract. All Hollis Morgan references to planning, tenants, boundaries, potential development, tenure etc is to be superseded by the information contained in the legal pack. It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens. The seller does not make any representation or give any warranty in relation to the property and we have no authority to do so on behalf of the seller.

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