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Edwardian Property Split Into 6 One Bedroom Flats For Sale

PAIGNTON, Devon, UK
Asking Price:
£650,000
Turnover:
Available on request
Net Profit:
Available on request

An excellent opportunity for home & income; Semi-detached Edwardian property divided into six one bedroom flats with five of these flats being rented out to long term mature tenants and the sixth flat currently occupied by the owner which could also be let out. Superb location between two beaches and an easy walk to town and station

With rentals ranging from £610 - £690 pcm the income is currently £3400 pcm.

There is ample parking to front with further parking to rear, plus a Garage & Car port

The Property:
The semi-detached property is divided into six one bedroom apartments. The current owner lives in one of the apartments, an extension to the rear of the building, which has a separate entrance, and the other five are rented on assured shorthold tenancies with rentals achieved between £610 - £690 pcm. The total income currently achieved is £3400.00 per month and the property is being sold with tenants in occupation. The property is on one freehold title and Torbay DC granted the property a Legal Use Certificate for six residential flats in 2018

The rental payments include water and background central heating from the communal central heating system during October to April. Electricity is paid to the landlord via coin operated meters. The tenants are responsible for paying their own council tax & TV Licence
The property has had the benefit of a rolling maintenance programme; with some flats having had new décor, and refitted bathrooms, and some apartments would benefit from being upgraded. There is gas central heating and part upvc double glazing, along with parking, to the front, and the rear, plus a Garage (currently rented out) and car port

The Location:
This investment property is located well in the Roundham area of Paignton, between two beaches, within an easy walk of the town, the station, Paignton harbour & beach.
Situated within Torbay, on the English Riviera in Devon where holidaymakers flock to the 22 miles of stunning beaches and within easy reach of the wonderful towns in the South Hams and further to the cities of Exeter and Plymouth

Summary:
• Semi-detached Edwardian period property divided into six one-bedroom apartments
• Certificate of Legal Use granted for six residential flats in 2018 by Torbay DC
• Five flats with long term tenants, on Assured Shorthold Tenancies; mature single tenants who
have lived at Cavendish Court for between 5 & 17 years, except flat 4 being 18 months
• Current income of £3200.00 per month
• The owner currently lives in an apartment which could otherwise be rented, increasing the
income to around £48,000 per annum
• Superb location; between Paignton & Goodrington beach, close by town and railway station
• Ample parking to front & rear with Garage and car port to rear

Please note: The owner is keen to sell the building with as minimum disruption to the tenants. The agent will be keen to qualify the funding position from potential buyers and will organise viewings at least one week in advance

Property Information

Property:

Freehold

Location:

An easy walk to the beach in Paignton, along with town and station. From Paignton there is easy access to the South hams, with Totnes & Dartmouth and to Exeter and Plymouth

Energy Performance Rating:
D

Business Operation

Reasons for selling:

The owner has genuine reasons for the sale of the property

Other Information

Website:
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Related Documents:

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