Victoria Parade, Torquay Guide Price £400,000 (Freehold)

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Full Details

Commanding a first class position overlooking Torquay harbour inner basin it is a rare opportunity to be able to purchase freehold property in this location.

In recent years the focus for both retail and leisure has altered within Torquay and demand has significantly increased for harbourside property with its burgeoning Café culture.

Recent nearby developments have seen Hampton by Hilton arrive into town with a new Premier Inn currently under construction behind bring approximately new 400 rooms.

Leisure orientated businesses have seen fit to invest in Torquay with Boston Tea Party recently opening a short distance away and Taco Bell also currently fitting out.

The demise of Debenhams has seen that freehold being acquired by the local council who have now released plans of a proposed retail leisure and residential redevelopment which will only further add to the desirability and long term investment suitability of this site in our opinion. Property within the Harbour area is we believe an excellent area to invest.

Both shop units currently have rateable values below £12000 threshold so another strong attraction to tenants looking to relocate harbourside as well as the great footfall.

Proposal

Offers are invited with a guide price of £400,000 reflecting at £400,000 at net initial yield of 6.31% allowing 3.75% costs of purchase.

We believe that this, in our opinion reversionary investment, would qualify for a SIPP fund purchase but also suit many investors looking for a good long term quality investment.

Rateable Values and EPC

No: 9 £11,250 EPC "C" No: 10 £11500 EPC "C"

Upper Floors EPC 9a "C" & 10a "D"

Accommodation and Leases

Ground floor ( Measurements from Rating lists)

9 Victoria Parade Retail Net Ground Floor area 61.12m2 FF store 23.30m2 Basement via floor hatch unmeasured.

15 years from 03/04/2015,3 year rent reviews, No tenant break, The Lease is drawn on

effective FRI terms by service charge

Current rent £13,500 WEF 24/03/2021

10 Victoria Parade Retail Net Ground Floor area 64.65m2 Basement 16.60m2

10 years from 15/09/2021 , 3yr rent reviews tenant only break at 5th anniversary on 6 months notice. The Lease is drawn on effective FRI terms by service charge

Current rent £12,700 p.a. next review 15/09/2024

Upper floors-reached by self contained entrance between the two retail units.

The FF apartment ,9a and the S+TF Maisonette 10a have both been sold on 999 year lease on effective FRI terms with each flat responsible for 33.33% of total service charge and buildings insurance.

Each flat has a nominal £1 ground rent payable

VAT and Legal Costs

All prices quoted are exclusive of VAT where chargeable. We do not believe that this property has been elected to VAT. Each party to be responsible for their own legal costs incurred.

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WAYCOTTS (DEVON) LIMITED Trading as WAYCOTTS

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