Torquay
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
Commercial property for sale
Key features
- Prime Waterfront Investment Overlooking Torquay Harbour
- Multi-Let Retail & Office Investment Producing £117,900 pax
- Diverse Income Stream from a Range of Established Occupiers
- Asset Management Opportunities through Future Lease Events & Rental Growth
- Head Lease of 150 Years from 25/03/1991 - Freehold Owned by The Council of the Borough of Torbay
Description
The property is situated in the borough of Torbay, in the county of Devon. It lies approximately 18 miles south of Exeter and 28 miles east-north-east of Plymouth. Torquay is the principal commercial and tourism centre of the English Riviera, attracting millions of visitors each year, whilst serving a resident population of approximately 65,000 across the town, and around 140,000 across the wider Torbay area.
Vaughan Parade occupies one of the town's premier trading locations, directly overlooking Torquay Harbour and Marina. The immediate area is characterised by a vibrant mix of restaurants, cafes, licensed premises, specialist retailers and leisure operators, including Prezzo, Princess Theatre, Domino's Pizza, Hoopers Department Store and Taco Bell.
Torquay Railway Station lies approximately one mile away, whilst excellent road links provide convenient access to Exeter, the M5 motorway and the wider South West.
The property comprises an attractive Grade II Listed period parade extending across Vaughan Parade and Palk Street, providing a mixture of retail accommodation at ground floor level together with office accommodation above.
The retail units occupy prominent positions fronting the harbour and surrounding streets, whilst the upper floors provide office premises accessed independently.
The building forms one of the most recognisable commercial parades on Torquay's waterfront.
ASSET MANAGEMENT OPPORTUNITES
Potential opportunities include:
• Reversionary rental growth.
• Lease renewals and re-gears.
• Active estate management with possible residential conversion angles.
TENURE
Long leasehold of 150 years from 25/03/1991.
Freehold retained by the Council of the Borough of Torbay.
PLANNING & HERITAGE
The property is situated within Torbay Conservation Area and is Grade II Listed. Interested parties should make their own enquiries of Torbay Council regarding planning matters.
PROPOSAL
We've been instructed to seek offers in the region of £1,125,000 (one million, one hundred and twenty five thousand pounds) subject to contract, which represents a Net Initial Yield of 9.9%.
VAT
The premises are elected for VAT. The sale will be treated as a TOGC.
AML
In accordance with Anti Money Laundering regulations, any purchaser will have to provide proof of funds, along with confirmation of how funds were obtained and proof
of ID.
EPC RATINGS
All EPC's are available in the data room.
FURTHER DETAILS
For further details and access to the data room please contact the joint agents.
Viewings are strictly by prior appointment through the joint agents.
Brochures
Torquay
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Torquay Station0.8 miles
- Torre Station1.2 miles
- Paignton Station2.5 miles
Notes
Disclaimer - Property reference 12894469. 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.