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Mixed Use for sale

Torquay

Under Offer £700,000

Property Description

Key features

  • Substantial Mixed Use Investment/Development Opportunity
  • Large Garage (Sold Vacant) Plus 3 Large Residential Houses & 2 Flats
  • Residential Income Currently Approx 35,000 Per Annum
  • Potential for a Variety of Future Uses (Subject to Necessary Consents)
  • Of Interest to Investors, Developers, Speculators and Commercial Occupiers

Full description

GUIDE PRICE: £700,000 - £750,000 FREEHOLD. The property occupies a large corner plot spanning from the junction of Lymington Road and Chatto Road, up to Parkfield Road with the residential houses fronting along to Parkfield Road at the rear. The total site (including the houses) extends to approximately 1,150m2. Lymington Road is an edge of town centre location favoured by many commercial occupiers and is also a convenient residential location. The commercial element of the property has been in owner occupation for over 90 years and is available due to retirement. This comprises a forecourt, garage/MOT test centre with various workshops and stores and a large private car park/yard. This area has potential for residential or commercial redevelopment (subject to consents) or could be let to commercial occupiers in order to realise a significant additional rental income. The residential element of the property comprises 4 large terraced houses (3 arranged as houses, the fourth as 2 flats). These properties are each let to tenants on Assured Shorthold Tenancy Agreements, bringing in an annual income of £33,987 - a healthy rental income with scope for growth and with significant capital value in each individual property. The property is therefore of interest to investors, developers, speculators and owner occupiers alike, with varied avenues of potential. DEVELOPMENT A pre-planning enquiry has been made on the subject of demolition of the existing garage premises and construction of a residential use scheme. This enquiry received a favourable response. Further information is available upon request.


KITCHEN 
8' 10'' x 12' 4'' (2.68m x 3.75m)

LOWER GROUND FLOOR  

ROOM 1  
15' 4'' x 11' 6'' (4.68m x 3.5m)

ROOM 2  
9' 1'' x 12' 10'' (2.78m x 3.92m)

GARDEN  

WC 

53 PARKFIELD ROAD  
A 2 bedroom house currently let on an Assured Shorthold Tenancy Agreement from June 2015 at a rent of £575 per calendar month.

UTILITY ROOM  
With boiler.

BEDROOM 1  
11' 6'' x 10' 4'' (3.5m x 3.16m)

55A PARKFIELD ROAD  
A ground/first floor two bedroom maisonette. Currently let on an Assured Shorthold Tenancy Agreement from May 2017 at a rent of £550 per calendar month.

GROUND FLOOR  

FIRST FLOOR  

BEDROOM 2 
8' 9'' x 13' 7'' (2.67m x 4.15m)

MOORES MOTORS GARAGE PREMISES  

MAIN WORKSHOP, GROUND FLOOR STORES & OFFICES 
Totaling approximately 655m2 (7,050 sq t)

UPPER GROUND FLOOR SHOWROOM  
55m2 (592 sq ft)

FIRST FLOOR STORES  
65m2 (700 sq ft)

CAR PARK/YARD  
Approximately 140m2 (1,500 sq ft)

RESIDENTIAL PROPERTIES  

49 PARKFIELD ROAD  
A large 3/4 bedroom house arranged over three levels. Let on an Assured Shorthold Tenancy Agreement from February 2002 at a rent of £580.67 per calendar month. Comprising:-

BEDROOM/GENERAL ROOM 
15' 2'' x 12' 5'' (4.62m x 3.78m)

ROOM 2 
12' 10'' x 8' 10'' (3.9m x 2.7m)

51 PARKFIELD ROAD 
A large 3/4 bedroom house with garden. Currently let on an Assured Shorthold Tenancy from June 2012 at a rent of £606.66 per calendar month. Comprising:-

55B PARKFIELD ROAD  
A 2 bedroom ground floor flat. Currently let on an Assured Shorthold Tenancy Agreement from February 2016 at a rent of £520 per calendar month.

LOUNGE  
10' 10'' x 18' 1'' (3.3m x 5.5m)

KITCHEN  
13' 0'' x 11' 11'' (3.95m x 3.63m)
Plus 5' 2'' x 6' 4'' (1.58m x 1.93m).

BEDROOM 1 
13' 0'' x 11' 9'' (3.95m x 3.59m)

BEDROOM 2  
13' 7'' x 4' 11'' (4.15m x 1.51m)

BATHROOM  
With panel bath, wash hand basin and WC.

TENURE 
The property is for sale freehold. The commercial element is offered with Vacant Possession. The residential properties are being sold subject to the above Tenancy Agreements.

UTILITIES  
We are informed that each residential unit has its own gas and electricity supply. 49, 51 & 53 have separate water supplies on 55a & 55b are inclusive of water, which is drawn from the garage supply.

BUSINESS RATES AND COUNCIL TAX  
We are informed by the Valuation Office Agency (VOA.GOV.UK) that the commercial element has a Rateable Value of £17,674. Please note this is not Rates Payable. 49,51 & 53 Parkfield Road have Band B Council Tax assessments. 55A & 55b both have Band A assessments.

EPC RATINGS  
49 Parkfield Road ? Awaited. 51 Parkfield Road D. 53 Parkfield Road C. 55A Parkfield Road E. 55B Parkfield Road D.

VIEWING  
Viewing is highly recommended but is strictly by prior appointment with the Sole Agents, Bettesworths. Sensitivity towards our clients ongoing business and their tenants' quiet enjoyment is requested.

More information from this agent

Energy Performance Certificates (EPCs)

Map & Street View

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