Mixed use for sale
Property description & features
- Mixed Use Commercial Investment in Central Torquay
- Comprising of 4 Units 2x Commercial & 2x Residential
- A 3 Bedroom Flat and a 1 Bedroom Flat
- 2 Commercial Units Let on Tenancy at Wills
- Gross Rental Return of £29,448 Per Annum
The property itself is located on a busy corner, opposite Ellacombe Primary School. The commercial premises are well positioned to benefit from the high levels of passing vehicular traffic.
A mixed commercial/ residential investment opportunity. The property is currently arranged as 2x commercial units across ground and lower ground floor and 2x residential units across first and second floor.
The commercial units are currently let to family members of the vendor on tenancy at wills. We are informed the current occupiers would like to stay on after the sale, but only on tenancy at will agreements. Combined, the commercial units generate a rental income of £960pcm.
The residential units are currently let on ASTs. The three-bedroom flat is arranged over first and second floor and is let at £866pcm. The one-bedroom flat is tidy, with a large lounge and is let at £628pcm.
The property is an excellent investment for someone looking for a multiunit investment with scope for future growth. The commercial units are potential residential conversion opportunities (STP) or could be let to new commercial tenants on standard commercial terms.
86 VICTORIA ROAD
RETAIL - 18' 10'' x 12' 10'' (5.73m x 3.92m)
OFFICE - 10' 5'' x 3' 4'' (3.18m x 1.01m)
OFFICE/KITCHENETTE - 12' 6'' x 11' 10'' (3.82m x 3.60m)
BASEMENT - 23' 10'' x 10' 10'' (7.26m x 3.30m)
WC
Currently let on a Tenancy at Will at £500pcm and used as a workshop/ store.
88 VICTORIA ROAD
SALON - 22' 6'' x 11' 2'' (6.87m x 3.41m)
STORE - 12' 0'' x 9' 11'' (3.66m x 3.01m)
KITCHENETTE - 6' 2'' x 3' 7'' (1.88m x 1.10m)
TREATMENT ROOM - 13' 6'' x 10' 1'' (4.11m x 3.07m)
WC
Currently let on a Tenancy at Will at £460pcm and used as a hair salon/ beauticians.
86A VICTORIA ROAD
LIVING ROOM - 12' 11'' x 12' 10'' (3.94m x 3.90m)
KITCHEN - 12' 4'' x 9' 0'' (3.77m x 2.75m)
BATHROOM - 7' 10'' x 7' 4'' (2.39m x 2.24m)
BEDROOM - 13' 8'' x 12' 7'' (4.16m x 3.84m)
BEDROOM - 11' 9'' x 9' 3'' (3.57m x 2.81m)
BEDROOM - 16' 0'' x 15' 6'' (4.88m x 4.72m)
Currently let on an AST at a rent of £866pcm.
88A VICTORIA ROAD
LIVING ROOM - 14' 9'' x 13' 8'' (4.49m x 4.17m)
BEDROOM - 15' 3'' x 12' 9'' (4.65m x 3.89m)
KITCHEN - 9' 6'' x 6' 11'' (2.89m x 2.10m)
SHOWER ROOM - 6' 11'' x 5' 5'' (2.12m x 1.65m)
Currently let on an AST at a rent of £628pcm.
TENURE
Offered for sale freehold. We have been made aware there is a small element of flying freehold.
PRICE
An asking price of £250,000. Due to past difficulties for parties raising finance on the flying freehold and tenancy at wills over the commercial units, the vendor is only considering cash offers/ or offers from parties in an equivalent position.
BUSINESS RATES
86 Victoria Road: £2,650.88 Victoria Road: £2,700.
COUNCIL TAX BAND
86 Victoria Road - B.88 Victoria Road - A.
VAT
The property is not elected for VAT and therefore is not chargeable on the sale price.
LEGAL COSTS
Each party will be responsible for their own legal costs unless expressly agreed otherwise.
EPC RATINGS
86 Victoria Road - E.86a Victoria Road - E. 88 Victoria Road - C.88a Victoria Road - E.
VIEWING
Viewing is highly recommended and can be arranged by prior appointment with the Agents, Bettesworths.
Tenure: Freehold
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