Deben House, 1 - 5, Lawrence Hill, Old Market,
SOLD SUBJECT TO CONTRACT, £925,000
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Plans for 18 residential units were submitted ( withdrawn due to decision not being made in time for the auction date )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PLANNING 18 FLATS - WITHDRAWN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.
We are in the process of arranging two open viewing dates.
The details of which including the times and days will be released shortly.