We are delighted to announce that we have recently been instructed on the sale of an investment property in Paignton in Devon.
Paignton is a seaside town which is located in the South West, it is approximately three miles south of Torquay, 24 miles south west of Exeter, and 29 miles east of Plymouth. Paignton has a resident population of approximately 134,000 and is a popular tourist destination, attracting 4.6m visitors a year. In addition to award winning beaches, Paignton – together with Torquay and Brixham – forms part of the English Riviera and serves the Torquay conurbation which is also a popular retirement destination.
The Devon property is well located in the pedestrianised section of Victoria Street, adjacent to Costa Coffee, and Betfred with a range of retailers in the area including Boots, Iceland, Vodafone, and Santander. The property is a three-storey building of masonry construction which forms part of a terrace of similar properties under a pitched, tiled roof. In addition, the investment property has loading access from a private lane to the rear.
This unbroken freehold investment with upper parts intact is let in its entirety to Bon Marche Ltd. on a 5-year lease from September 2nd, 2016 at a rent of £30,000 exclusive. In addition, there is an asset management opportunity to re-gear the occupational lease and take back the upper parts in order to convert them to residential use. There is a possibility to create three new apartments – two two bed apartments and a one bed – with access to the property from the rear, this is subject to planning permission.
The Devon property has a net internal area of 3,009 square feet and we are looking for offers in excess of £400,00 reflecting a net initial yield of 7.2%. For further information, please see our brochure or alternatively, contact a member of our experienced investment team.
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