Investment Property in Teignmouth

Teignmouth, Devon

£550,000Freehold
Garland House8 Hermosa RoadTeignmouthDevonTQ14 9LAView Map

fantastic opportunity to acquire a residential self-contained apartment complex in the heart of sought-after Teignmouth, Devon. Comprising of 3 x spacious one-bedroom apartments and 2 x studios which are all let out on AST agreements to working professionals.  Amongst many other improvements the building has had all its windows replaced with UPVC and is now being presented in an excellent condition throughout. All this work has resulted in minimum maintenance and quality tenants and the owners benefit from hands-off involvement. For many years, the property has generated an enviable income but it could be easily increased by holiday lettings, Airbnb or as a home with income. Some of the apartments enjoy sea or estuary views and to the side

LOCATION

The property is situated in a commanding location, in the heart of Teignmouth, Devon. Benefitting from ample parking and within walking distance of all local amenities, town centre, seafront and harbour. The property is within easy access to the A38 and equal distance between Torquay and the Cathedral city of Exeter, which is the financial hub of the West Country and benefits from International airport and M5 motorway. Within minutes’ walk of this property is a main-line railway and a bus terminal, connecting all parts of the UK.

BUSINESS

The property has been owner operated for over 14 years and a lot of capital and improvements have been lavished on it, which is evident in the presentation of the building and results in excellent net profits. Because of the lay-out, the garden apartment could easily accommodate a moderate extension to provide 2 extra bedrooms which could be used for owners. Because of demand and impressive income potential, there is great scope to easily provide a holiday let, Airbnb basis which would greatly improve the already impressive income. Currently the property generates a gross income of just over £32,000 per annum but should rents fall inline with current market value, we the agents expect that a more realistic figure of over £35,000 should be achieved. However, with the addition of holiday rental, a much-improved turn-over on this figure can be expected. A full hand-over of this investment will be provided to ensure its continued success. Actual trading accounts will be provided following a successful formal viewing.

ACCOMMODATION

All the apartments have undergone a rolling programme of refurbishments together with UPVC replacement windows. All units have their own gas & electrical supply with either gas central or smart electric heating and the whole building benefits from a hardwired fire alarm system and emergency lighting. The kitchens are comprehensively furnished with an array of wall and base fitted units together with inset sink and electric cookers. Two apartments have washing machines and fridges provided. The property also has a gas and electrical test certification.

GARDEN FLAT

No 1,    1 spacious x one bedroom apartment

GROUND FLOOR

No 2,    1 x Studio Apartment

No 3,    1 x Studio Apartment

1st FLOOR ½ Landing

A built-in store used solely for the owners and another store cupboard used by one of the tenants.

1st FLOOR

No 4,    1 x spacious one bedroom apartment

(this apartment could easily be configured to make a two-bedroom unit)

2nd FLOOR

No 5,    1 x spacious one bedroom apartment

PARKING / OUTSIDE

To the side and front of the property is parking (5 x vehicles) for all apartments together with a bin storage area. There is a residents communal patio area to the side of the property.  At the rear is a walled sunny garden, which is very private and is laid to lawn with mature shrubbery, feature palm tree, borders and pathway.  The garden is only used by the tenant of the garden flat.

FIXTURES AND FITTINGS

All trade fixtures and fittings except for our vendor’s private inventory will be included in this sale. A full inventory will be provided prior to exchange of contracts. No testing of utility supply, fixtures or any appliance has been undertaken by the agents, Ware Commercial.

SERVICES

Main’s gas, electricity, water, broadband and drainage are all connected. No testing of these services has been undertaken by the agents, Ware Commercial.

COUNCIL TAX

All tenants pay their own council tax and all apartments are currently band A rated.

TENURE

Freehold

 

Misrepresentation Act

Misrepresentation Act 1967. The Particulars are not considered a formal offer, they are for information only and give a general idea of the property. They are not to be taken as forming any part of a resulting contract nor be relied upon as statements or representations of fact. Whilst every care is taken in their preparation, no liability can be accepted for their accuracy. Intending purchasers must satisfy themselves by personal inspection or otherwise as to the correctness of these particulars.