Studio flat for sale

Freehold Mixed-Use Investment Opportunity. Vacant Ground Floor & Mezzanine Restaurant with Conversion Potential (STP). 3 Self-Contained Residential Flats Above.

248 Union Street occupies a central and highly visible position in Torre. Union Street serves as a key link between the town centre and the upper residential and retail areas. The property benefits from high footfall, transport links, and easy access to the Town Centre amenities. The property is a mid-terrace, three-storey freehold building comprising a vacant ground floor and mezzanine level previously used as a restaurant, and three residential apartments across the upper two floors. The commercial element offers strong potential to be let at an estimated rent of £10,000 per annum. There is also potential to convert part of this commercial space into a fourth residential unit, subject to obtaining necessary planning consent.The residential accommodation is fully let on Assured Shorthold Tenancies (ASTs) and consists of two one-bedroom flats and one two-bedroom flat, each on their own utility supply. This opportunity will appeal to owner-occupiers seeking prominent commercial space, investors seeking strong yield rental returns, or developers exploring further conversion potential.

COMMERCIAL UNIT

RETAIL AREA - 24' 11'' x 14' 3'' (7.60m x 4.35m) (max)
With bar & circa 20 covers.

KITCHEN - 19' 7'' x 9' 6'' (5.98m x 2.89m)

WC x 2

MEZZANINE FLOOR
Seating area circa 40 covers. 28' 10'' x 21' 7'' (8.79m x 6.59m) (max)

RESIDENTIAL ACCOMODATION
Accessed via a communal hallway on the ground floor with stairs leading up to the flats.

FLAT 1
Net Internal Area: 31m². Arranged as a 1-bedroom flat.

FLAT 2
Net Internal Area: 53m².Arranged as a 2-bedroom flat.

FLAT 3
Net Internal Area: 33m². Arranged as a 1-bedroom flat.

TENURE
The property is available freehold, subject to the existing tenancies on the three residential flats. The commercial element is offered with vacant possession.

RENT SCHEDULE
Commercial Unit: Currently Vacant (Potential Market Rent of £10,000 p.a.) Flat 1 (1-bed): £500 pcm Flat 2 (1-bed): £500 pcm Flat 3 (2-bed): £650 pcm Total current income: £1,650 pcm / £19,800 p.a. Estimated fully let income: £29,800 p.a.

SALE PRICE
An asking price of £330,000.

EPC RATINGS
Commercial Unit - CFlat 1 - EFlat 2 - EFlat 3 - E

BUSINESS RATES
2023 List: £5,900. Please note this is not the Rates Payable amount. The property is eligible for 100% Small Business Rates Relief. Interested parties should make their own enquiries with the local billing authority, Torbay Council.

COUNCIL TAX
Each flat has a Council Tax Band A.

VAT
The VAT status is to be confirmed.

LEGAL COSTS
Each party will be responsible for their own legal costs unless expressly agreed otherwise.

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

Council Tax Band: A
Tenure: Freehold