A great mixed-use investment opportunity, comprising 3 x self-contained apartments and 1 x retail/office unit, with realistic potential to convert the commercial unit back into an additional residential dwelling, subject to any necessary consents. Services have been separated, with the exception of the water supply, for which an allowance is included within the rent. This double-digit yield investment is arranged over two storeys to the front and three storeys to the rear, offering an excellent return with further scope for growth. Located only a few minutes' walk from the town centre, harbour, beach, and the central bus and railway stations, early viewings are highly recommended.
It is ideally situated on Abbey Road, just a short walk from Torquay's vibrant town centre, picturesque seafront, and convenient rail and bus links. A multi-storey car park is also located on the same road, providing excellent parking facilities for residents and visitors alike.
The investment comprises 2 x two-bedroom apartments, 1 x large one-bedroom studio garden suite, and 1 x office/retail unit on the ground floor (currently owner occupied). All apartments are currently let and produce an income of £27,300 per annum. Together with a realistic rental value of £6,000 per annum for the office/retail unit, the property provides an impressive total income of £33,300 per annum and a return of approximately 12% based upon the full asking price.
ACCOMMODATION COMPRISES (in brief)
FIRST FLOOR
FLAT 1
This is a two-bedroom apartment with a spacious open-plan kitchen, lounge and dining area, together with two double bedrooms and a family bathroom.
SECOND FLOOR
FLAT 2
This is a two-bedroom apartment with a spacious open-plan kitchen, lounge and dining area, together with two double bedrooms and a family bathroom.
GROUND FLOOR
STUDIO APARTMENT
A large open-plan one-bedroom studio apartment. It certainly does not feel like a typical studio offering and is more akin to a suite, benefitting from access to an enclosed courtyard garden to the rear.
RETAIL / OFFICE
This flexible space has been converted with the intention of potentially transforming it into a further residential letting unit in the future. It is currently owner occupied.
MAIN OFFICE AREA
6.77m x 3.91m
A large open-plan room with ample space for three to four desks and a reception area. To the rear is a door leading to:
TOILET
2.94m x 1.84m
Comprising a WC, wash hand basin, general storage area, and sufficient space to create a full bathroom suite if required.
FIXTURES AND FITTINGS
All trade fixtures and fittings, excluding the vendor's personal effects, will be included within the sale. A full inventory will be provided prior to exchange of contracts. Any stock will be sold at valuation upon completion. No testing of these fixtures, fittings, or appliances has been undertaken.
SERVICES
Mains gas, electricity, water, broadband and drainage are all connected. No testing of these services has been undertaken.
SERVICES SPLIT
Flats 1 & 2 - have their own gas (boiler) and electricity supplies.
Studio Apartment – Has its own electricity supply, which also provides hot water and heating.
Office – Has its own electricity supply, which also provides hot water and heating.
BUSINESS RATES & COUNCIL TAX
Please make enquiries via the Valuation Office Agency (VOA) website at www.voa.gov.uk. All three flats are currently assessed as Council Tax Band A, whilst the office benefits from 100% Small Business Rates Relief, subject to eligibility.
TENURE
Freehold
