Retail premises for sale in Two Mile Hill Road, Bristol BS15

Location
Bristol is the regional capital of the South West and lies 120 miles to the west of London. It has a total urban population of approximately 700,000 people. The city has excellent links onto the motorway network (M4 and M5) and benefits from two mainline railway stations and an international airport.
The subject property is located on the A420 Two Mile Hill Road on the outskirts of Bristol in the area of Kingswood.
The property is located in a secondary retail parade with local occupiers including Two Mile Barbers, Property Indeed Estate Agents, Workwear and Printing, Brown Bums Tanning Salon and Bourne Christian Centre.

Accommodation / Description
The property comprises a three-storey mixed use terrace building with a self-contained ground floor retail unit and a separate self-contained 1-bedroom Maisonette above, which is accessed via the rear of the property.

We have been provided with the following approximate dimensions and measurements: (interested parties should verify these areas as we have not measured the property)

• Ground Floor Retail Unit c. 69.20 sqm / 744 sqft
• 1 Bed Maisonette gia c. 76.60 sqm / 825 sqft
• Total gia c. 151.7 sqm / 1633 sqft

Tenancies
Ground Floor: Let to Gloden Limited under a 5 year lease dated from 1st January 2013 expiring 31st December 2017. The tenant has been holding over since lease expiry paying an annual rent of £11,000 pax.
It is expected that Gloden Limited will be signing up to a new 5-year lease with a tenant break option at the end of the third year at a passing rent of £13,000pax.
This new lease will be completed prior to a sale of the freehold.

First Floor: The first floor flat has recently been re-let at £900 pcm.
Upon renewing the ground floor retail lease and the residential tenancy, the combined annual passing rent would therefore be c. £23,800 pax (tbc).

Planning
The local authority website records the following planning applications:

00/00317/F Change of use of first and second floors from offices and storage to a one-bedroom maisonette and installation of Velux windows to front elevation.
Permitted - 15 March 2000

EPC

Commercial Unit - C Rating
Residential Flat - D Rating

Rateable Value (retail unit)
As of 1 April 2023: £5,200

Legal Costs
Each party is to be responsible for their own legal and professional costs incurred in this transaction.

Tenure
The subject property is available Freehold

Quoting Price
£249,950 - subject to the occupational tenancies. We understand that VAT is not applicable. A purchase at this price would reflect a gross yield of c. 9.5%.