Property Details

Paignton£499,950

On MarketBettesworths Commercial - 01803 2120214828

High-Quality Freehold Residential Investment Opportunity
4 Self-Contained Residential Units Arranged as Spacious Two Bedroom Flats
2 Renovated to a High-Quality Specification and 2 With Large Balconies
Gross Rental Income of £40,800 Per Annum
Desirable Location in Central Preston, Paignton

Torquay Road is the main road connecting Paignton and Torquay. This property is ideally located in the central Preston area of Paignton. Preston has become a highly sort after residential area with its parade of independent and national retailers and its easy access to Preston Sands. The property is well located on local bus links and makes it an ideal location for a residential investment. The freehold investment of the property is offered for sale and consists of four purpose-built flats over first and second floors. The two retail units below have been split off onto long leasehold titles and are not included with the sale of the freehold. The flats have been managed to a high standard over the last 4 years and offer an extremely well maintained residential investment.

FLAT 329A (FIRST FLOOR)
Accessed from the front of the property. Renovated to a high standard. Circa. 85m² (914 sq ft). Let at £900 pcm.
FLAT 329B (SECOND FLOOR)
Accessed via the rear of the property. Benefitting from balcony spanning length of flat. Long term tenant, in occupation for many years. Circa. 80m² (861 sq ft). Let at £800pcm.
FLAT 331A (SECOND FLOOR)
Accessed via the rear of the property. Renovated to a high standard and benefitting from a balcony spanning the length of the flat. Circa. 85m² (914 sq ft). Let at £850pcm.
FLAT 331B (FIRST FLOOR)
Accessed from the front of the property. Renovated to a high standard. Circa 97m² (1,044 sq ft). Let at £850pcm.
UTILITIES
Each flat has an individual electric, gas, and water meter, which tenants are responsible for. Each flat benefits from gas central heating and a gas combi boiler.
TENURE
The freehold of the property is offered for sale, subject to the assured shorthold tenancies of the flats and the long leaseholds of the two commercial units below. N.B. The vendor currently owns 329-335 Torquay Road on one freehold title. On sale of 329-331 the vendor will split the freehold title.
RENTS
Unit Rent (PCM) Rent (PA) 329a £900 £10,800. 329b £800 £9,600. 331a £850 £10,200. 331b £850 £10,200. Total: £3,400 £40,800.
EPC RATINGS
329a - C. 329b - E. 331a - D. 331b - C.
COUNCIL TAX BANDS
329a - B. 329b - A. 331a - B. 331b - B.
VIEWING
Viewings can be arranged by prior appointment with the Sole Agents, Bettesworths. 01803 212021.

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