3 bed flat for sale

Cecil Road, Paignton TQ3

Summary
this former five-bedroom property has been successfully transformed into two well-proportioned and income-generating flats, comprising a two-bedroom ground floor flat, alongside a one-bedroom first floor flat. With an impressive 10.4% yield, this is an exceptional opportunity not to be missed.

Description
Set within a well-proportioned and versatile property, Connells are delighted to bring to the market this fantastic investment opportunity, formerly a substantial five-bedroom residence that has now been thoughtfully converted into two self-contained flats. This impressive property offers immediate income generation and a strong yield of approximately 10.4%, making it an ideal purchase for investors seeking a ready-made addition to their portfolio.
What truly sets this property apart is the stability and reliability it provides. Both flats are currently occupied by long-standing tenants who have resided in the property for a number of years, offering peace of mind and the rare advantage of instant rental income from day one. There is no need to source new tenants or endure void periods, allowing a seamless transition for any buyer looking to maximise returns immediately.
The property itself is well located, within easy reach of local shops, amenities, and transport links, ensuring continued tenant demand. Its convenient positioning further enhances its investment appeal, as properties in such accessible locations remain consistently sought after.

Auctioneer's Comments
This property is offered through Modern Method of Auction. Should you view, offer or bid your data will be shared with the Auctioneer, iamsold Limited. This method requires both parties to complete the transaction within 56 days, allowing buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.5% of the purchase price including VAT, subject to a minimum of £6600.00 including VAT. This fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to complete an identification process with iamsold and provide proof of how the purchase would be funded.

The property has a Buyer Information Pack containing documents about the property. The documents may not tell you everything you need to know, so you must complete your own due diligence before bidding. A sample of the Reservation Agreement and terms and conditions are contained within this pack. The buyer will also make payment of no more than £349 inc. VAT towards the preparation cost of the pack. Please confirm exact costs with the auctioneer.

The estate agent and auctioneer may recommend the services of other providers to you, in which they will be paid for the referral. These services are optional, and you will be advised of any payment, in writing before any services are accepted. Listing is subject to a start price and undisclosed reserve price that can change.

Ground Floor Flat
The ground floor flat is well laid out and generously proportioned, providing comfortable living accommodation throughout. Upon entering, tenants are welcomed into a bright and spacious lounge area, offering ample room for both relaxation and dining. The lounge benefits from natural light, creating a pleasant and inviting atmosphere. The flat features two bedrooms, making it particularly attractive for sharers, couples, or small families, thereby broadening its rental appeal.
In addition to the bedrooms, the ground floor flat includes a well-equipped kitchen, fitted with a range of units to cater for everyday living needs. The layout ensures functionality while maintaining a practical flow between the living spaces. A bathroom serves the property, providing essential facilities in a convenient and accessible setting. One of the added advantages of this flat is its own allocated parking space, a valuable feature that enhances both tenant convenience and overall desirability.

First Floor Flat
Moving to the first floor flat, this self-contained unit offers a well-balanced arrangement of living space, ideal for single occupants or couples. The flat comprises a generous bedroom, providing a comfortable and private retreat. There is also a separate kitchen, allowing for independent meal preparation and adding to the practicality of the accommodation.
The first floor flat also benefits from its own shower room, designed to meet modern living requirements with an efficient and easy-to-maintain layout. The overall design of the flat makes excellent use of the available space, ensuring a functional yet comfortable living environment.

Summary
Both flats have been configured to operate entirely independently, creating a clear separation between the two units while maximising rental potential. This dual-income setup is particularly attractive to investors, as it diversifies rental streams and reduces overall risk.
From an investment standpoint, this property is a standout opportunity. With a strong yield of 10.4%, it offers an impressive return compared to many traditional buy-to-let investments. The presence of established tenants further strengthens the proposition, as the property is already performing and generating income without any initial setup or marketing required.
The surrounding area continues to support the property’s appeal, with a variety of local shops, services, and amenities all within close proximity. Transport links nearby provide easy access to surrounding towns and areas, ensuring convenience for occupants and maintaining strong rental demand.
This property is perfectly suited to investors looking for a turnkey investment, where everything is already in place to deliver a steady and reliable income. It also offers potential for future growth, whether through rental increases over time or further enhancement of the property, subject to any necessary consents.

1. Money laundering regulations - Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2: These particulars do not constitute part or all of an offer or contract.
3: The measurements indicated are supplied for guidance only and as such must be considered incorrect.
4: Potential buyers are advised to recheck the measurements before committing to any expense.
5: Connells has not tested any apparatus, equipment, fixtures, fittings or services and it is the buyers interests to check the working condition of any appliances.
6: Connells has not sought to verify the legal title of the property and the buyers must obtain verification from their solicitor.