High-yield property with renovation upside and optional vacant flat.
Freehold mixed-use terrace producing £13,550 per annum gross
An attractively priced freehold in East Street, Torquay, this mixed-use terrace produces £13,550 pa from three ground-floor retail tenants and long-leased upper-floor flats. The commercial units are let to established local businesses, providing immediate income, while one recently refurbished flat (with balcony) is vacant and available to purchase with the freehold, offering optional additional income or owner-occupation.
The building is Victorian with period character but communal areas and parts of the property show dated finishes and will benefit from modernization. A service charge and building insurance are in operation; the current annual service charge is £13,550, which materially affects net returns and should be factored into yield calculations. The building has not been elected for VAT and management is already in place with no current service charge arrears reported.
Location offers strong connectivity — excellent mobile signal and fast broadband — and nearby schools include several rated Good and one Outstanding. However, the immediate neighbourhood is very deprived with very high crime statistics, and the local market is constrained renters; these factors influence tenant profiles, demand and potential refurbishment strategy.
This lot will suit an investor seeking a high-yield, hands-on freehold with refurbishment potential and optional acquisition of a vacant flat. Buyers should allow for capital expenditure on communal areas and consider the high service charge when assessing net returns.
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