A city centre mixed use retail/student accommodation building in Bristol is on the market and is expected to attract offers in the region of £2.85million.
National commercial property consultancy Lambert Smith Hampton (LSH) has been appointed to market the extended period building, 22-24 Park Row, which has 37 student beds across 11 flats as well as a ground floor retail unit.
Located a stone’s throw from popular Park Street / The Triangle and just 300 metres from the University of Bristol, the property currently generates around £225,000 a year in rental income.
“With Bristol recently being voted the best place to live and work in the UK and the city’s educational establishments gaining a reputation for excellence, it is perhaps unsurprising to find a rising number of students are choosing to live in the city, driving up demand for accommodation like Park Row,” said Hollie Ruddle, LSH Associate Director, Capital Markets.
“Not only is the building just a few minutes’ walk from the university, it is also adjacent to Park Street, a former contender for the Great British High Street of the Year. The accommodation is in a highly sought-after area making it attractive to Bristol’s ever-growing student population.”
The original building dates from the nineteenth century, and is linked sympathetically to a modern five-storey extension at the rear with panoramic views across the city.
LSH said it expects to see offers in the region of £2.85m for the investment property.
“Park Row is a superb and much in demand investment opportunity in Bristol. A purchase at this level would reflect a net initial yield of 7.44 per cent on the gross income, assuming the purchaser’s cost of 6.4 per cent,” said Hollie.
Park Row connects Park Street, The Triangle and Whiteladies Road, which forms part of the A4018 – one of the main arterial routes into the city centre form the north. Junction 17 of the M5 is about five miles away.
For details about 22-24 Park Row, contact Hollie Ruddle on 0117 914 2041 or email [email protected]
For more information please go to www.lshinvestmentsales.co.uk