Studio flat for sale

Mixed-Use Freehold Investment in a Prominent Roadside Corner Position. Rental Income of £32,640 Per Annum (When Fully Let).

The property occupies a very prominent roadside corner position on Torquay Road, Paignton, one of the main arterial routes linking Torquay and Paignton town centres. This is a highly visible trading location, benefitting from strong levels of passing traffic and close proximity to the town centre and public transport links. The property is well situated for investors seeking reliable mixed-use rental income or for owner occupiers who may wish to utilise the vacant office element. With Paignton’s seafront, town centre, and rail station all within easy reach, the property serves a strong residential and commercial catchment area. This mixed-use freehold investment is arranged as two ground floor commercial units and two self-contained residential flats above. The commercial units are currently arranged as a restaurant and office, with the restaurant let on a commercial lease and office currently vacant. The flats are arranged on the first floor as a studio and a 1 bedroom, both of which are self-contained. To the rear of the property is a yard with parking for two cars, bin storage space and an additional external store, which may be retained by the landlord or separately let. An external WC is also located in the yard. This investment presents a strong opportunity with existing tenants in place and scope to increase returns through re-letting of the vacant office and possible improvements.


ACCOMMODATION

59 TORQUAY ROAD (RESTAURANT)

TRADE AREA - 24' 0'' x 10' 6'' (7.31m x 3.21m)

BAR - 11' 5'' x 9' 5'' (3.49m x 2.87m)

STORE ROOM - 7' 10'' x 17' 5'' (2.40m x 5.30m)

KITCHEN - 226' 8'' x 11' 10'' (69.08m x 3.60m)

STORE - 8' 10'' x 8' 0'' (2.70m x 2.45m)

STORE - 8' 10'' x 4' 9'' (2.70m x 1.46m)

61-63 TORQUAY ROAD (OFFICE)

MAIN OFFICE - 25' 2'' x 19' 1'' (7.66m x 5.81m)

REAR OFFICES - 17' 2'' x 9' 11'' (5.22m x 3.01m)

STORE ROOM - 5' 9'' x 3' 1'' (1.75m x 0.94m)

KITCHENETTE - 12' 6'' x 11' 1'' (3.81m x 3.39m)

WC

EXTERNAL AREAS

YARD
With parking for 2 vehicles and bin storage.

EXTERNAL STORE - 16' 6'' x 14' 7'' (5.02m x 4.44m)
(Potential for additional rental income or landlord's use).

EXTERNAL WC

RESIDENTIAL ACCOMMODATION

FLAT 1 - (ONE BEDROOM FLAT)

LOUNGE WITH OPEN PLAN KITCHEN - 15' 11'' x 12' 11'' (4.85m x 3.94m)

BEDROOM - 13' 1'' x 12' 3'' (3.98m x 3.74m)

BATHROOM - 7' 5'' x 6' 0'' (2.27m x 1.84m)

FLAT 2 - (STUDIO FLAT)

LIVING/BEDROOM - 13' 1'' x 11' 8'' (3.98m x 3.55m)

KITCHEN - 10' 1'' x 6' 1'' (3.07m x 1.86m)

BATHROOM - 10' 0'' x 5' 4'' (3.05m x 1.62m)

TENURE
Freehold, subject to occupational tenancies. The property is part-let, with the restaurant and both flats occupied. The office is currently vacant.

RENT SCHEDULE
Restaurant: £850 pcm (£10,200 pa) - Let. Office: £850 pcm (£10,200 pa) - Vacant.Flat 1 (1 Bed): £500 pcm (£6,000 pa) - Let. Flat 2 (Studio): £420 pcm (£5,040 pa) - Let. Store: £100 pcm (£1,200 pa) - Vacant. Current Income: £21,240 pa. Potential Income (fully let): £32,640 pa.

SALE PRICE
An asking price of £380,000.

EPC RATING
59: E. 61-63: E. Flat 1: E. Flat 2: E. Store: Exempt.

BUSINESS RATES
61-63: £8,200 59: £8,100 Interested parties are advised to make their own enquiries with the Local Billing Authority, Torbay Council. Each unit is eligible for 100% Small Business Rates Relief.

COUNCIL TAX
Flat 1: Band A. Flat 2: Band A.

LEGAL COSTS
Each party to bear their own legal costs in the transaction unless otherwise agreed.

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

Council Tax Band: A
Tenure: Freehold