Retail premises for sale in Gloucester Road, Bristol BS7

Investment considerations:

▪ Prominent building in vibrant area popular among families and students.
▪ Ground floor retail unit let on new lease until May 2028.
▪ First floor 2 bedroom flat let on AST to students at £1,300 per calendar month.
▪ Ground Floor 1 bedroom flat let on AST to young professional at £950 per calendar month.
▪ Potential redevelopment angles in both residential dwellings (subject to necessary planning permissions).
▪ Total income £35,400 per annum.
▪ Seeking offers in excess of £450,000.

Location:

The property is situated in a popular position on the established Gloucester Road (A38) which is one of the main arterial routes into Bristol City Centre. Gloucester Road is a very popular high street and boasts a wide range of national and independent shops, cafes and restaurants serving the densely populated surrounding areas.

Description:

The property comprises a ground floor retail unit totalling 493 sq ft (45.85 sq m), as well as a 1 bedroom flat on the ground floor and a 2 bedroom flat on the first floor. There is also scope to increase the floor space in both flats (subject to necessary planning consents).

The commercial unit convenience store has vinyl flooring, ceilings, florescent lighting and benefits from a rear storage room and toilet facilities. The first floor consists of a two bedroom flat with a separate kitchen and living room, with bathroom. The ground floor floor flat consists of a one bedroom flat with separate living room, kitchen and bathroom.

Tenure:

The property is held on a long leasehold of 1,000 years from 1877 at a peppercorn rent (if demanded).

Tenancy:

The occupational lease of the shop is effectively full repairing, for a term of 5 years from 09th May 2023, outside the security of tenure provisions of the Landlord and Tenant Act 1954. There is a rent review dated 9th May 2026 (capped at 5% uplift), and a tenant’s break option dated 8th May 2025 on 3 months written notice. The ground floor flat (1 Bedroom) is let on an Assured Shorthold Tenancy at the rent of £950 per calendar month. The first floor flat (2 bedroomed) is let on an Assured Shorthold Tenancy for a period of 12 months from 01st August 2023.

Rent:

Shop rent £8,400 per annum exclusive.
Flats rented at total of £27,000 per annum

Proposal:

We are seeking offers in excess of £450,000 (four hundred and fifty thousand pounds) which shows a net initial yield of 7.53% after deducting costs.

VAT:

We understand that VAT is not chargeable.