Paignton
- PROPERTY TYPE
Block of Apartments
- SIZE
Ask agent
- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- 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
Description
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.
Brochures
Property BrochureFull Details- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Band: A
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Yes
- GARDENA property has access to an outdoor space, which could be private or shared.
- Ask agent
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
- Ask agent
Paignton
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Visit our security centre to find out moreDisclaimer - Property reference 12404189. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Bettesworths, Devon. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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