Warren Road, Torquay, Devon Asking Price Of £245,000 (Freehold)

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Situation and Description

A substantial mid-terraced licenced HMO residential property close to Torquay town centre, harbour and seafront. The premises are well presented and have been in the current ownership over 10 years and are now being sold due to our clients' consolidation of their property portfolio. Room 1 has an en-suite shower and wash hand basin and all other rooms except room 4 have shower cubicles and wash hand basins.

Planning and Licencing

The premises were granted a Certificate of Lawful Use on 28 May 1998. The premises hold a current licence from Torbay Council commencing 28 June 2019 for 5 years for 6 persons over 6 rooms.

Income

The premises are fully let and currently produces £515 per week, £26,780 per annum gross. The vendor believes the rentals to be modest for this type of accommodation. The vendors advise us that at the date of preparation of these particulars July 2021 all tenants are in employment. We are awaiting details of running costs but understand that a guide of 15% of turnover is realistic.

Price £245,000 for the freehold interest which shows a gross initial yield of 10.93% or 9.29% on the esti-mated net income before costs of purchase.

EPC - E Rates Council Tax Band B

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WAYCOTTS (DEVON) LIMITED Trading as WAYCOTTS

41 Houndiscombe Road, Plymouth, PL4 6EX

Company No. 08771510 Registered in England and Wales

VAT Registration Number: 196 9480 44