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Home And Income Opportunity In Devon For Sale

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

Cavendish Court is situated within minutes of two beaches and many bars and restaurants.
With distant sea views from the top floor, this substantial property was built circa 1905.
Their is parking for all flats including a detached garage,a twin car port and a bike store.
There are three individual staircases inside the building.
There is a small side garden with patio area outside flat 6.
The property was granted a Legal Use Certificate for six residential flats in 2018.
The current owner chooses to rent the flats out on short-hold six month tenancy agreements.
Previous owners have used the building for holiday accommodation.
The property is within short walking distance of Paignton seafront, harbour and the town centre.
The property has the benefit of part UPVC double glazing and full gas central heating.

The freehold is available at £595,000. ( No Chain )

Note:
The property is being sold as an investment with tenants in situ.
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 semi detached Edwardian building with large rear extension and 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 £550 - £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.

CURRENT RENTS.

Flat One - Lounge / Kitchen,Bedroom,Bathroom / EPC - E / £575 pcm.
Flat Two - Lounge,Kitchen,Bedroom with en suite Bathroom / EPC - D / £550 pcm.
Flat Three - Lounge / Kitchen,Bedroom,Bathroom / EPC - D / £550 pcm.
Flat Four - Lounge / Diner,Kitchen,Bedroom,Bathroom,Sep WC / EPC - D / £650 pcm.
Flat Five - Lounge,Kitchen,Bedroom,Shower room / EPC - D / £575 pcm.
Flat Six - Owners Living Accommodation (as above )

Note :

The turnover for the year ending March 2022 is projected to be £37,500.
( Rents and electric meter income )
Actual trading accounts will be provided following a successful formal viewing.

FIXTURES & FITTINGS

Trade fixtures, fittings, equipment, land and buildings, with exception of vendor’s private inventory, will be included in this freehold sale.
A full inventory will be provided prior to exchange of contracts.

SERVICES.

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

The building has a hard wired fire alarm system and emergency lighting.
The property also has gas and electrical test certification.

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.
Send contact details for further information.

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 garage and car ports incorporating parking / garages on the ground floor with a two bedroom apartment above,subject to the necessary planning.

Reasons for selling:

Retirement.

Employees:
None.
Years established:
20 years.

Contact Seller

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