Mixed use for sale

Freehold Mixed-Use Investment with Development Opportunity. Arranged as 2 Bed Flat, Commercial Unit and Basement Stores.

The property is situated in a prominent position on Union Street, Torre in central Torquay. Torre is a well-established commercial thoroughfare at the top of Torquay’s High Street, benefitting from on street parking and good transport links. Upton Park and various local amenities are located nearby, with Torquay Harbour and the seafront also within easy reach.

201 Union Street comprises a mid-terraced freehold property arranged over five levels. The ground floor provides a shop premises with a glazed frontage to Union Street and internal stairs leading to the lower ground floor. The lower ground level offers storage rooms and access to further basement storage. Arranged on the side of a hill the lower ‘basement rooms’ benefit from natural light from windows facing out over Upton Park.

The first and second floors comprise a self-contained two-bedroom flat with independent access. The flat benefits from separate utility supplies. The flat is currently let on an AST at £650 PCM.

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The property is being sold with vacant possession.

PLANNING
Planning permission has been granted for the conversion of the existing commercial accommodation and flat into a 3-bedroom town house and the lower stores into a 1 bedroom flat. Planning was granted alongside a larger scheme including 203 Union Street, but these opportunities are being offered separately. A link to the planning application can be found here: P/2023/0821 - Conversion from two commercial premises with a single flat above into two town houses and flat. - Robert Excell 203 Union Street Torquay TQ1 4BYAlternatively, the reference on Torbay Council's Planning Portal is: P/2023/0821

TENURE
Freehold with vacant possession of the commercial unit and subject to the AST of the residential tenant. The residential flat is let on a 6 month AST at £650 PCM.

PRICE
Offers in the region of £140,000.

203 UNION STREET
203 Union Street is also available for sale and also offers residential development opportunity. Details of this property can be requested from the Agents.

SERVICES
The flat and shop have their own independent utility connections.

BUSINESS RATES
2023 List: £4,900. Please note this is not the Rates Payable amount. Eligible parties will be able to claim 100% Small Business Rates Relief. Interested parties are advised to make their own enquiries with the Local Billing Authority, Torbay Council.

COUNCIL TAX BAND
B and A.

VAT
We understand the property is not elected for VAT.

LEGAL COSTS
Each party to bear their own legal costs incurred in the transaction.

EPC RATINGS
Shop - E.Flat - E.

VIEWING
Viewing is highly recommended and can be arranged by prior appointment with the Agents, Bettesworths.

Council Tax Band: B
Tenure: Freehold