4 bed block of flats for sale

Meadfoot Lane, Torquay TQ1

Description

A fully let freehold investment property comprising four self-contained apartments within a semi-detached grade II listed property. Each apartment is held on a 999-year lease from 2006, offering excellent long-term security and financing flexibility. The property also includes a garage with rental income.

All apartments are on Assured Shorthold Tenancies (ASTs) with established tenants, generating a combined rental income of approx. £31,459 per annum. Apartments 1,2, and 4 have recently undergone full refurbishment.

With a location near Torquay's waterside and town centre, the property is in a highly desirable location for prospective tenants. A bustling harbour side is located nearby, offering a variety of amenities, including restaurants, cafes, and local attractions. In addition, Torre Abbey and The Princess Theatre are both situated close to the property, as well as Torquay's deep-water marina.

Apartment 1:
This apartment features a stepped entrance that leads to a private door and reception area. A flight of stairs leads to apartment 1, which is located on the first floor. The apartment occupies the entire top floor and features a spacious living room with a picturesque view of the surrounding area, a kitchen, a large bathroom, a double bedroom, and a separate W/C.
Current rent: £695pcm
Council tax band: A
EPC: E

Apartment 2:
The apartment is situated on the side of the property and can be accessed via a shared courtyard. It has a private entrance door leading to the kitchen, which connects to a sitting room with a shower room attached. The sitting room provides access to a double bedroom.
Current rent: £725pcm
Council tax band: A
EPC: E

Apartment 3:
The apartment is accessible through a private entrance located on the side of the property. From this central area, there is a living room and bedroom that are open plan, as well as a kitchen and a bathroom.
Current rent: £476.66pcm
Council tax band: A
EPC: E

Apartment 4:
The apartment can be accessed via a stepped approach leading to a shared courtyard on the side of the property. With no neighbours above or below, it offers the privacy of a compact bungalow. A private entrance door leads into an open-plan living room and kitchen, while a good sized bedroom can be reached from the living room and a bathroom can be accessed from the kitchen.
Current rent: £625pcm
Council tax band: A
EPC: E

Garage:
At the front of the building, there is a garage that is equipped with lighting and electricity. An up-and-over door gives access to the garage..
Current rent: £100pcm

Annual Total: £31,459

Tenure: Freehold
The property is held under a freehold title, with each individual flat held on a separate 999-year lease commencing from 2006.