Lot 113

MULTI-COMPONENT RESIDENTIAL AND COMMERCIAL INVESTMENT PROPERTY

1-3 Old Mill Road, Chelston, Torquay, Devon, TQ2 6AU
Sold £385,000

On the Instructions of the LPA Receivers

Currently part let at £15,400 per annum Estimated fully let rent of £40,000 plus per annum

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

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/