Block of apartments

Are you looking for a fantastic investment opportunity in Torbay? The Old Town Hall is a former municipal building in New Street in Paignton, built in 1870. It served as the offices of Paignton Urban District Council until 1946, but was later converted for residential use.

The building now consists of 3 Studio flats and 6 x 2 Bedroom flats all let on AST's producing an annual income of £66,000 pa, the properties are, in our opinion, lower than market value and we would expect them to achieve around £550 for each studio and £750 for each 2 bedroom flat giving a potential annual income of £73,800.

The building consists of the following:

GF Studio (Banksies flat), £480 pcm, 27m2. EPC C

1F Studio (Deputies flat), £490 PCM, 27m2. EPC C

2F studio (Possies pad), £550 pcm, 21m2. EPC C

GF 2 bed (Old Town hall flat), £625 pcm, 46m2. EPC C (separate post code TQ4 5JY)

GF 2 bed (Balloon flat), £670 pcm, 56m2. EPC C

1F 2 bed flat (Mayors flat), £670 pcm, 59m2. EPC C

1F 2 bed flat (Sheriffs flat), £670 pcm, 50m2. EPC B

2F 2 bed flat (Penthouse flat), £670 pcm, 51m2. EPC C

2F 2 bed flat (Lofthouse flat), £690 pcm, 61m2. EPC C

*All flats have independent gas, electric & water supplies, gas combi boilers and double glazed windows *

The sale is for the freehold of the building, 2 of the flats are on 125 year leases for mortgage purposes, the leases are also included in the sale.

Contact us now for more details or to arrange a viewing