A private car park near the city centre of Bristol will go on sale at an auction next month with a guide price of just under half a million pounds. The car park, at 125-129 Bishop Street in St Pauls, will be auctioned on November 20 for an estimated price of £475,000.
The private car park has enough space for five vehicles and measures at 0.05 acres to the rear of 21 Portland Square. The historic square was designed in the late 18th century and due to bomb damage during the Second World War, the houses originally at 125-129 Bishop Street were lost.
The land has scope for a residential development near the centre of Bristol. No planning permission has been sought as of yet but it is understood the vendors have been advised that a scheme of either three or four townhouses, or between nine and twelve flats, would be a realistic aim subject to gaining the right consent.
However, once the land has been sold at auction, the land will continue to be used as a car park for a year after completion. This is due to the Airbnb flat in the adjacent property holding a licence.
The listing advises a gross development value (GDV) of the potential properties as being above £200,000 at a minimum. Each one bed flat could fetch at least £200,000, a two bed flat £300,000, a two to three bedroom townhouse £450,000 and a three to four bedroom townhouse £500,000.
Andrew Morgan, director and auctioneer at Hollis Morgan, said: “This formally underrated area of Bristol is undergoing a renaissance which is not surprising considering its convenient location, its plethora of period buildings and its splendid mix of residential and commercial accommodation, together with the cutting-edge cosmopolitan cultural life.
“Previously the site of three residential houses that suffered bomb damage, there is a very strong indication that although no formal planning exists, this would provide an ideal site for three to four town houses or nine to ten flats subject to obtaining the necessary consents.
“Who would not wish to try and develop here? What an opportunity for someone with imagination and the right development skills.”
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