24th April 2020
Building housing popular steakhouse is a sizzling property investment
A Grade II listed building housing Bristol’s ‘best steakhouse’ is to be sold in an auction live-streamed over the internet.
But fans of Mugshot – which received the top ranking on Tripadvisor earlier this month – can relax as there are no plans to close the restaurant. In fact, it recently started offering a delivery service to help customers through the lockdown period.
As well as the ground-floor and basement restaurant, the mid-terraced property in 18 St Nicholas Street has two apartments on the first and second floors. Together, the three rents generate a gross annual income of £57,600.
The property, which has a *guide price of £690,000+, is to be sold by SDL Auctions in its first national property auction on Thursday 30th April. The auction will be held behind closed doors and bids can be placed over the internet, by phone or by proxy.
The auction will be conducted by managing director and auctioneer Andrew Parker, who said: “By holding the auction remotely we can keep everyone safe while providing a much-needed service to sellers. This is a tried and tested method for us – we raised £7.1 million for sellers in our remote auctions in March, with properties selling for an average of 15% above their guide prices.”
The St Nicholas Street property features the restaurant across the ground floor and basement. This has been fitted to a high standard with a 1920s Prohibition-era American theme and generates £24,000 per year in rent on a 20-year lease with nearly 18 years remaining.
The two apartments are both accessed via a separate staircase and have recently been refurbished. The first-floor apartment has three bedrooms, while the second-floor apartment has two. They are currently let at £1,400 per calendar month each.
The property is in a prominent location within an area of bars, restaurants, amenities and transport links in the heart of Bristol city centre and within walking distance of Temple Meads, Broadmead and Cabot Circus.
Chris Theocharides, commercial valuer added: “This is an excellent investment in the vibrant heart of Bristol, surrounded by similarly attractive Victorian buildings and very close to St Nicholas Markets. It generates a healthy annual income and would make an excellent addition to a rental portfolio.”
18 St Nicholas Street will go under the hammer in SDL Auctions’ first national property auction on Thursday 30th April from 10.30am. The auction will feature 115 lots including houses, flats, commercial investments and land all over the country from Bristol in the south to Wick in northern Scotland.
To find out more about this or any of the properties in the auction, to watch live or to register to bid remotely, please click here or call the team on 0800 304 7879.