A private car park in Bristol near the city center is up for auction next month with a guide price of £475,000. The car park, located at 125-129 Bishop Street in St Pauls, has space for five vehicles and sits on 0.05 acres behind 21 Portland Square. Originally, houses at this location were lost during the Second World War due to bomb damage. The land has the potential for residential development, with suggestions of building three or four townhouses, or between nine and twelve flats, once the right permissions are obtained.
Even though no planning permission has been sought yet, the vendors have been advised on potential development options for the site. After the auction, the land will still be used as a car park for a year due to a licensing agreement with an adjacent Airbnb property. The potential gross development value for the properties that could be built on the land is estimated to be over £200,000. One-bedroom flats could sell for £200,000 each, two-bedroom flats for £300,000, two to three-bedroom townhouses for £450,000, and three to four-bedroom townhouses for £500,000.
Andrew Morgan, director and auctioneer at Hollis Morgan, highlighted the area’s potential for development, noting its convenient location and mix of residential and commercial properties. He mentioned the historical significance of the site, which was previously home to three houses that were destroyed during the war. While no formal plans are in place, the site is seen as ideal for townhouses or flats, pending the necessary approvals.
The transformation of this area of Bristol has been described as a renaissance, with its historic buildings and vibrant cultural scene attracting interest from developers. The opportunity to develop in such a prime location has been emphasized, with Morgan encouraging those with vision and development skills to consider the potential of the site.
Overall, the auction of the car park in Bristol presents a unique opportunity for developers to invest in a prime location with the potential for residential development. The history and potential of the site make it an attractive prospect for those looking to make a mark in the Bristol property market.
