Block of apartments for sale

Freehold Block of Five Modern Apartments. Attractive Investment with String Return - Gross Yield of 9.36%.

228a Union Street is situated in a central and highly convenient position in Torquay. Just a short walk from the town centre, the property benefits from easy access to a wide range of shops, cafés, restaurants and leisure amenities.

Torquay’s picturesque harbourside and seafront are also nearby, enhancing its appeal to tenants and investors alike. The area is well served by local bus routes and is within reach of both Torquay and Torre railway stations, offering connections to Exeter, Newton Abbot, Plymouth and beyond.

An exceptional investment opportunity comprising a freehold block of five self-contained one-bedroom apartments. Each flat has been finished to a modern standard with open plan living/kitchen areas, bathrooms and a double bedroom.

The units benefit from, double glazing and good levels of natural light. The block offers an immediate income stream and was developed in 2019, meaning the fit out is still relatively new. This opportunity offers a rare chance to acquire a recently developed residential rental investment in Torquay.

ACCOMMODATION
Each of the five units comprises: • One double bedroom • Open plan kitchen/living space • Modern bathroom with WC Floor plans can be found at the end of these details.

TENURE
The freehold of the property is offered for sale, subject to the existing tenancies.

RENT SCHEDULE
UNIT RENT (PCM)RENT (PA)LENGTH OF TENURE FLAT 1£600£7,20012 Months FLAT 2£675£8,1006 Months FLAT 3£595£7,1403 Months FLAT 4£650£7,8003 Months FLAT 5£600£7,20012 Months TOTAL£3,120£37,440

SALE PRICE
An asking price of £400,000.

UTILITIES
Each flat has its own electricity and water meter. Heating for each flat is via electric panel heaters.

PLANNING
Planning for the development was granted in July 2019. Details of the planning permission can be found on Torbay Council's planning portal, under reference P/2019/0505.

COUNCIL TAX
Council Tax Band: A for each apartment.

LEGAL COSTS
Each party will be responsible for their own legal costs unless expressly agreed otherwise.

EPC RATINGS
Flats 1, 3, 4 & 5 - C.Flat 2 - D.

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

Tenure: Freehold