FREEHOLD MIXED USE INVESTMENT Attractive Listed Georgian property. The property is mixed use with commercial space on the ground floor and basement with residential use on the first, second and third floors. Vacant possession.
Freehold investment sale.
The property is mixed use with commercial space on the ground floor and basement with residential use on the first, second and third floors.
PROPOSAL We are instructed to seek offers in excess of £600,000 (Six Hundred & Seventy Five Thousand Pounds) subject to contract and exclusive of VAT.
Offers should clearly state the following: i) The identity of the party making the offer. ii) Confirmation and proof of funding demonstrating an ability to exchange and complete the purchase within a declared timescale. iii) Proposed timescale for exchange and completion. iv) Any conditions attached to the bid. v) Offers are preferred to be on an unconditional basis. vi) Confirmation of solicitor’s details. The vendor is not bound to accept the highest or indeed any offer.
The ground floor and basement were previously occupied by The Forge but following a surrender of their lease last year the premises are now vacant. There are no outstanding dilapidations works on the ground floor and basement.
The EPC will be made available on application The council tax band is: E
The property is Grade II Listed with Georgian Bath stone elevations beneath a slate mansard roof. Access is via a shared front door leading to a communal hallway providing separate access to the different parts of the building.
Grade II Listed Attractive Listed Georgian property arranged over basement, ground, first, second and third floors Being sold with vacant possession Commercial space comprises 760 ft2 of sales space on the ground floor with 132 ft2 of ancillary space at basement level Ground floor and basement expected to achieve £15,000 per annum Attractive small courtyard at ground floor level
Attractive location with close proximity to Kingsmead Square and Queen Square Upper floors consist of a 3-bedroom maisonette (Council Tax Band E / EPC Band E) Maisonette expected to achieve £1,750 per calendar month (£21,000 per annum) Potential income for the building: £36,000 per annum Close proximity to the Theatre Royal Bath has significant untapped occupational demand across all sectors of the market Possible conversion to residential on the ground floor and basement (STP)
BATH Bath is a city of international report, located approximately 100 miles west of London and 13 miles east of Bristol. Bath is served by excellent transport links, including frequent train services to Bristol Temple Meads and London Paddington. Although within the City centre the location is deemed secondary for retail with limited passing footfall, Sawclose and Kingsmead Square are a short distance away and both locations are high footfall generators. Nearby Retailers include Vino Vino, Giggling Squid, Las Iguanas, Tesco Express, Sainsburys Local, Pizza Express, Zizzi and Five Guys.
LOCATION Beauford Square has a mix of uses including residential, office and retail. Queen Square is just to the North of the property with shopping and other facilities all within a few minutes’ walk. Public transport, including bus and rail stations are around 10 minutes’ walk away.
Bath is one of the UK’s leading retailing destinations and the City is ranked third in the UK based on the number and range of retailer requirements. The SouthGate shopping development opened its final phase in late 2012 and provides over 420,000 sq ft of retail, 724 car parking spaces and a new bus station. The scheme is anchored by Apple and other retailers represented include Peloton, Hollister, Urban Outfitters, Tommy Hilfiger and All Saints. Kingsmead Square and Sawclose remain highly popular destinations for retail and leisure operators and the evidence shows with few vacancies within the vicinity. The most recent letting was to Dough Pizzeria which took on former office space on the ground floor, benefitting from the relaxation of the planning Use Class.
Since January 2022 a number of transactions have either taken place or are due to complete within the next three months. The former Gap and Bobbi Brown on Old Bond Street have welcomed Coppa Club and Sweet Little Things, both looking to open in early 2022, and the former Woods stationers and Radley on Old Bond Street are due to complete in June this year to new businesses in Bath.
MARKET The independent market has continued to go from strength to strength with a number of units in secondary locations being secured, such as the Tea Emporium and Botanical Studio on Union Passage, Always Sunday and 22 Roots and Records on Broad Street and Portofino and Magalleria on High Street and Upper Borough Walls. Milsom Place has welcomed the now trading Bosco to its strong line up of bar and restaurants and the former Yo-Sushi has recently gone under offer.
South Gate have secured Levi Jeans who are now trading and will sit alongside the latest lettings of Peloton, Brewdog and Lulu Lemon. ITSU are now trading on Stall Street with Tortilla on Cheap Street recently opening its doors. Several other national operators are at the latter stages of the legal process and will soon be starting to fit out, adding to the strength of the Bath retail environment, which saw one of the strongest years in terms of retail units being secured in 2021
The next steps...
1
Establish funds
How will you fund the purchase?
Before making an offer on a property you will want to consider your financial situation, your income and outgoings.
Will you finance the purchase of your next property from the sale of an existing property which can put you in a chain, arrange a mortgage through your bank or buy the property outright.
To help you finance your next property purchase, we have a long established relationship with an independent mortgage broker who can discuss your situation with you.
They do all the legwork for you, working on your behalf with the lender
They compare wholesale mortgage rates from a large number of banks and lenders all at once
Their wholesale interest rates can be lower than retail (bank branch) interest rates
They offer more loan options because they work with numerous banks and lenders
They can finance tricky deals because of their knowledge and various lending partners
They are typically easier to get in contact with, and are less bureaucratic.
However advantages of working with your bank are:
You may be able to build off an existing relationship (and gain discounts if you have a checking or savings account)
You may already know the banker who will handle your mortgage
Banks may be more accountable than a smaller shop
They may offer lower interest rates in some cases
Their ability to add mortgage to existing banking profile and make automatic payments from linked account.
2
Making an offer
with Carter Jonas.
When you see a property you are interested in on our website, call us 24/7 to arrange a viewing. Or if you prefer, get in touch via our website and we will call you back to find a time to view the property that suits you.
Once you’ve found a property you want to buy, it’s time to make an offer. A bit of negotiation is to be expected, however don't offer so little that you end up in a lengthy negotiation process, as you might lose the property altogether if someone else makes a higher bid.
If other offers have been made on a property we aren't legally able to tell you what they are, but we may indicate if they were close to the asking price.
3
Need to sell a property
or thinking of letting?
If you have a property to sell, why not see how we can help you.
Or if you’re considering letting your property, we can take the stress out of managing your rental, and our award winning lettings team offer a service that can be tailored to your needs.
Combined with nearly 170 years of experience and one of the highest customer satisfaction scores in the industry, Carter Jonas is the perfect property partner.
