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Home And Income Opportunity, Devon, South West For Sale

Paignton, Devon, UK
Asking Price:
£595,000
Turnover:
Under £50K
Net Profit:
Available on request

Cavendish Court is situated in the Roundham area of Paignton between two beaches.
With distant sea views from the top floor,this substantial property was built circa 1905.
The property was granted a Legal Use Certificate for six residential flats in 2018.
The current owner rents the flats out on short-hold six month tenancy agreements.
Their is parking at the front and rear of the building including a detached garage,a twin car port and a bike store.
There is a small side garden with patio area outside flat 6.
The property is within short walking distance of the seafront,harbour and the town centre.
The building has the benefit of part UPVC double glazing and full gas central heating.
Plenty of potential, this freehold property is available at £595,000. ( Fixed Price, No Chain )

Note:
The property is being sold as an investment with tenants in occupation.
I am looking to sell to a buyer who will purchase the building with minimum disruption to tenants.

For more information, please contact us by using the form below.

Property Information

Property:

Freehold

Living Accommodation:

This ground and first floor maisonette ( Flat 6) comprising downstairs : Kitchen / Breakfast Room with integrated electric oven, gas hob, fridge and freezer,Cloakroom, Office Area, Lounge / Diner, Conservatory within air con, on the first floor is a Large Double Bedroom with twin fitted wardrobes, Shower Room / WC and Boiler Room, outside Car Port and Garage.There is potential to create an additional en suite ground floor double bedroom from the existing accommodation.

Location:

It is situated in the popular and attractive Roundham with Hyde conservation area of Paignton, convenient for the Seafront, Harbourside, Town Centre and other principle resort amenities. Paignton is part of Torbay, one of the UK's most popular tourist destinations known as the English Riviera with easy road and rail links to Exeter, Plymouth and the M5 Motorway.

Premises Details:

Three storey extended semi detached Edwardian building with detached garage.
The freehold property is converted into six one bedroom flats of which five are let on a assured shorthold tenancys with monthly rents ranging from £570 - £650 per calendar month. ( Flat six is occupied by the vendor, but will be vacant on completion )

The rental payments include background gas central heating from the communal central heating system ( October to April ) as well as water rates. Electricity is supplied to the letting flats by the Landlords supply, paid for by tenants sub meters.
Tenants are responsible for paying their own Council Tax and TV Licence.

The property is on one freehold title.
A single supply of gas,electric and water to the building.
All letting flats have current electrical test certification.

CURRENT RENTS.

Flat One - Lounge / Kitchen,Bedroom,Bathroom / EPC - E / £595 pcm.
Flat Two - Lounge,Kitchen,Bedroom with en suite Bathroom / EPC - D / £570 pcm.
Flat Three - Lounge / Kitchen,Bedroom,Bathroom / EPC - D / £570 pcm.
Flat Four - Lounge / Diner,Kitchen,Bedroom,Bathroom,Sep WC / EPC - D / £650 pcm.
Flat Five - Lounge,Kitchen,Bedroom,Shower room / EPC - D / £595 pcm.
Flat Six - Owners Living Accommodation (as above )
Garage - Rented out for £40 pcm.

Note :

The property income for the year ending March 2020 was £33,227 from five flats / garage.
The property income for the year ending March 2021 was £35,210 from five flats / garage.
The property income for the year ending March 2022 is projected to be £37,900 from five flats / garage.

FIXTURES & FITTINGS

Trade fixtures, fittings, equipment, land and buildings, with exception of vendor’s private inventory, will be included in this freehold sale.

SERVICES.

Mains gas, electricity, broadband, water and drainage are all connected.

The building has hard wired fire alarm and emergency lighting systems installed.

LEGAL FEES.

Each party to bear their own legal fees in connection with the sale / purchase of this business.

VIEWINGS.

All viewings and enquiries are to be made via this website directly to the vendor.

For more information, please contact us by using the form below.

Planning Consent:

Six Residential Flats.

Planning permissions can be viewed at : www.torbay.gov.uk

Business Operation

Expansion Potential:

Flats 4 and 6 are both very spacious and could be converted to two bedroom flats.

There is a potential to build a dwelling on the site of the shed, car port and garage incorporating garages on the ground floor with a open plan apartment above,subject to the necessary planning.

Reasons for selling:

Retirement.

Employees:
None.
Years established:
20 years.

Contact Seller

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