Property for sale

LOCATION
Rare opportunity - licenced 8 person HMO in convenient central Torquay location. Currently only occupied by 5 persons producing £17,820pa approx. with 2 further ground floor rooms requiring refurbishment, which when complete should enhance investment return to circa £27,360p

Conveniently located in the Torre area of town close to Torquay main police station and central retail area, Torbay Hospital, local bus routes and Torre train station.

DESCRIPTION
This period semi-detached period property is set over 3 floors currently licensed for a maximum of 8 occupants.

The vendors until recently occupied the ground floor accommodation and suggest that the rents received are currently below market value.

The premises were granted a certificate of lawful use on the 14th February 2020. The premises holds a current licence from Torbay Council commencing July 2016 for 5 years providing for 8 persons over 5 residences.

On the basis of our clients’ opinion of full rental and occupation under current licence then the gross receivable would be circa £24,720pa. If the council amended the license to 8 persons over 6 dwellings, then our clients forecast an increase of rental to circa £27,360pa on the basis of letting the former owners’ unit as 2 separate units.

You are advised to take your own independent advice upon income potential both current and projected.

ACCOMMODATION
Ground Floor: - Entrance Hallway Rooms 1&2 (Owners accommodation) comprising 2 rooms and conservatory. (requiring updating)
Communal kitchen fully fitted and equipped -access to patio area with shed housing communal washing machine.

First Floor: - Room 2 –let to 1 person at £ 320pcm
Room 3 – Let to 1 person at £320pcm
Rooms 4 & 5 – Let to 2 persons at £440pcm
Shower room 1 with wash hand basin and WC. Shower room 2 with wash hand basin and WC.

Second Floor: - Room 6 – size not licensed.
Rooms 7 & 8 – let to 1 person at £440pcm
Outside - small yard with pay for use laundry in shed

Tenancy Details
We understand that all tenancies are Assured Shorthold Tenancy Agreements. We further understand that all current tenants are employed.
Details of utilities charges awaited

TERMS
Freehold. Offers on £230,000.

OUTGOINGS
Council Tax - D

VAT
All figures quoted are exclusive of VAT whether chargeable or not. Interested parties are recommended to establish VAT implications before entering into any agreement.

LEGAL COSTS
Each party to be responsible for their own legal costs incurred.

VIEWING
Viewing by appointment only please WAYCOTTS COMMERCIAL[use Contact Agent Button]