Lot 113: MULTI-COMPONENT RESIDENTIAL AND COMMERCIAL INVESTMENT PROPERTY

Mixed Commercial/Residential - Torbay Area
Mixed Commercial/Residential - Torbay Area
Sherwell Park
Sold £385,000

A genuinely fantastic investment opportunity comprising three flats and two houses, lying on three sides of a courtyard area, along with commercial premises, being set in an established and favoured neighbourhood centre next to Sherwell Park.

The property would benefit from some improvement but the potential to create a substantial and highly productive investment has rarely been more graphic.

Commercial

Ground Floor

Reception area, lobby, mortuary, Chapel of Rest, principal office, rear hall, further lobby and kitchen/staff room.

First Floor

Office and store room.

Residential

Accessed from the rear courtyard are the residential components of the property:

1A – a vacant two bedroom first floor flat with useful attic room.

1B – a vacant two bedroom house.

1C – a vacant two bedroom house.

3A – a vacant two bedroom first floor flat.

3B – see Auctioneers’ Note 2.

3C – a one bedroom ground floor flat let at £450 per calendar month.

Outside

To the rear there is a sizeable and useful courtyard.

Tenancy

The commercial element of the building is let at £10,000 per annum to Torre Valley Funeral Services (part of the Dignity Funeral Services Group) on a 10 year lease, from 19th March 2013. Of the five residential units, Flat 3C is let on an Assured Shorthold Tenancy at £450 per calendar month.

Planning

Planning Permission was granted by Torbay Council under ref: P/2007/1351 dated 3rd November 2011 for conversion of two shops and two flats into two shops, three flats and three houses. A copy of the Planning Consent will be available to download from the Clive Emson website or via Torbay Council’s website, torquay.gov.uk. See Auctioneer’s Note 2.

Auctioneer’s Note 1

For information relating to the commercial element’s rateable value and other available data go to www.gov.uk/correct-your-business-rates and enter the postcode for the property into the appropriate search field.

Auctioneer’s Note 2

The sixth residential unit referred to in the planning approval (House 3B) is currently part of the commercial premises.

Freehold with Part Vacant Possession

Residential EPC: C
Commercial EPC: B