Property Details

PaigntonOffers in Excess of £800,000

Under OfferBettesworths Commercial - 01803 2120214936

An Investment of 9 Quality One Bedroom Apartments (Possible 10th Unit)
Prime Location on Paignton Seafront Esplanade
Producing an Income of £63,840 with Scope for Further Rental Growth
Well Managed Investment Opportunity
Large Carpark for Approximately 12 Vehicles

An Investment of 9 Quality One Bedroom Apartments (Possible 10th Unit). Prime Location on Paignton Seafront Esplanade.

Priory Towers is situated on Esplanade in Paignton, this is a prime frontline seafront position, commanding views from majority of the apartments, with the benefit of residential planning consent.

The property is situated on the corner of Esplanade Road and Beach Road, with a large car park to the front.

The location is very convenient, being a short level walk to the amenities of Paignton town centre, as well as the beautiful Paignton beach, harbour and all the leisure facilities of the Esplanade.

Priory Towers has been in the same ownership for nearly four decades and is now for sale due to retirement. The property is an original Paignton seafront period building, originally constructed as a private dwelling. The present owners bought Priory Towers as a hotel and have since converted it initially to form 10 flats. 8 of these are let to rent paying tenants and 1 is currently a manager’s flat, which would be sold with Vacant Possession.

There is a large store (previously a flat), which has the potential (subject to planning) to form a new studio flat.

To the front of the property is a large level car park.

TENANCY SCHEDULE
Flat 1 - £610 PCM. Flat 2 - £645 PCM. Flat 3 - £630 PCM. Flat 4 - £610 PCM. Flat 5 - Presently Manager's Flat. Flat 8 - Presently Large Store. Flat 10 - £810 PCM. Flat 11 - £730 PCM. Flat 12 - £700 PCM. Flat 14 - £585 PCM. TOTAL: £63,840 Per Annum.
UTILITIES
The flats are supplied by a single Landlord’s electrical supply, with payment card submeters in each unit. Rents are inclusive of water rates. Heating via electrical wall panels. Hot water via immersion heater. Flat 12, 14 & 10 have their own water heater within the flat. We have been informed all fire regulations are up to date. EICR was carried out in 2023.
COUNCIL TAX
Each flat has a separate Band A assessment, payable by the tenant.
TENURE
The property is for sale freehold, subject to the Assured Shorthold Tenancy occupancy at the date of completion.
LEGAL COSTS
Each party are to bear their own legal costs incurred in any transaction.
VIEWING
Viewing is strictly by prior appointment with the Sole Agents, Bettesworths.
NOTE
Flat 5 - £810 pcm, suggested rent by agent, presently owners flat. Flat 8 - £585, suggested rent if store converted back to flat. Total: £16,470 per annum. POTENTIAL TOTAL RENTAL INCOME £80,580 PA. Annual rent review increases are being assessed by agent for flats 1,2, 3, 4, 12.
EPC RATINGS
Flat 1 - C. Flat 2 - D. Flat 3 - C. Flat 4 - D. Flat 5 - C. Flat 10 - D. Flat 11- E. Flat 12 - E. Flat 14 - E.

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