Studio flat for sale

Large Mixed-Use Investment For Sale. Located On Paignton’s Highly Sought After “Golden Mile”. 

Situated on Torbay Road, lovingly referred to as ‘Paignton’s Golden Mile’ which connects Paignton town centre to the seafront, this property enjoys the best of both Paignton's busy retail centre and the more tourist focussed area of town. Walking distance to Paignton’s Sea Front, Town Centre and rail & coach station. This area is a highly sought after residential and commercial location in Paignton.  

Queens Park Road is located to the rear of Torbay Road and is a quiet back lane with on street parking and a fabulous outlook over Paignton’s Bowls, Rugby and Cricket clubs.   

Forming part of a stunning period, Grade II listed terrace. The exterior of the terrace is beautifully presented, and construction is dated from the 1890-1900’s. The property itself consists of 3 self-contained, 2-bedroom flats on the upper floors and a commercial unit on the ground floor.   

The commercial unit is currently let to a pasty shop franchise, at a rent of £11,000 per annum until 31st December 2028.

The residential accommodation is accessed via an external staircase at the rear of the property. The three spacious 2-bedroom flats are arranged over first, second and third floor levels, with high ceilings and views over the Paignton’s Bowls, Rugby and Cricket clubs towards Roundham. Two of the three flats also benefit from balcony areas.  The flats are let on ASTs, generating a gross rental return of £20,160 per annum.   

To the rear of the property is off road parking for 4 vehicles. The landlord currently rents out one of these spots to a private individual at circa £44 per calendar month. 

The current set up lends itself perfectly to either retaining under one freehold as a mixed-use investment or, to split the units on separate titles to realise a potential capital uplift.

16 TORBAY ROAD - COMMERCIAL UNIT
GIA - 43m² (463 sq ft). Let to a Private Individual T/a Oggy Oggy Pasty Shop, at a rent of £11,000 per annum until 31st December 2028. Tenant break option on 31st December 2027.

5 QUEENS PARK ROAD - RESIDENTIAL ACCOMMODATION
Accessed via an external staircase at the rear of the premises.

ENTRANCE LOBBY
With door to flat x and stairs leading up to the other two flats.

LANDLORD STORE - 9' 10'' x 3' 11'' (3.00m x 1.20m)

FIRST FLOOR FLAT

LOUNGE - 18' 4'' x 13' 5'' (5.58m x 4.08m)

KITCHEN - 8' 2'' x 6' 11'' (2.48m x 2.10m)

BEDROOM - 17' 1'' x 8' 8'' (5.20m x 2.65m)
Located at the rear of the property with a balcony and views over local sports fields and towards Roundham.

BEDROOM - 11' 10'' x 14' 7'' (3.60m x 4.44m)

BATHROOM - 6' 11'' x 6' 8'' (2.12m x 2.03m)

UTILITY ROOM - 6' 9'' x 3' 7'' (2.06m x 1.10m)
With space for washing machine, tumble dryer and storage.

SECOND FLOOR FLAT
Large 2-bedroom flat or similar size and layout to the First Floor Flat.

THIRD FLOOR FLAT

LOUNGE/KITCHEN - 19' 7'' x 10' 10'' (5.96m x 3.30m) (max)
'L' shaped room.

BEDROOM - 19' 7'' x 10' 10'' (5.96m x 3.30m)

BEDROOM - 16' 0'' x 13' 0'' (4.87m x 3.97m)

SHOWER ROOM

WC

RENTS
The current rental breakdown is: Ground Floor Commercial Unit - £11,000 Per Annum. Flat 1- £580 Per Month. Flat 2- £550 Per Month. Flat 3- £550 Per Month. Parking Space- £43.34 Per Month.

UTILITIES
All the units are separately metered for utilities. The flats are each on economy 10 and aren't connected to gas.

BUSINESS RATES
2023 List: £7,400. The commercial tenant is responsible for their own business rates. 100% Small Business Rates Relief is available for eligible parties on this premises.

COUNCIL TAX BANDS
Flat 1 - A.Flat 2 - B.Flat 3 - B.

EPC RATINGS
Commercial Unit - Awaited.Flats 1 & 2 - Awaited.Flat 3 - E.

VIEWING
Viewing is highly recommended and can be arranged by prior appointment with the Sole Agents, Bettesworths.

Tenure: Freehold