Summary - 62 Union Street,TORQUAY,TQ2 5PS TQ2 5PS
1 bed 1 bath Commercial Property
Freehold high‑street shop with immediate income and residential conversion potential—cash or non‑standard finance preferred.
Freehold retail investment on prominent Union Street high‑street frontage
Let to Vision Express at £27,500 pa; long-standing occupier
Quoted gross yield of 8% at guide price of £345,000
Potential to create 3–4 apartments—c. £30,000 pa additional (subject to planning)
Only c. 3 years remain on lease; lenders may refuse to lend
Very high local crime and very deprived area—tenant/letting risk
Medium flood risk; broadband speeds very slow locally
Includes four under-croft parking spaces and goods lift access
This centrally located freehold retail investment on Union Street offers immediate income with clear short-term upside. The property is let in its entirety to Vision Express at a passing rent of £27,500, producing a quoted gross yield of 8% at the guide price. Four under-croft car parking spaces and a goods lift add operational convenience for a town-centre unit.
There is potential — subject to planning consent — to create 3–4 apartments to the rear, which the seller estimates could generate around £30,000 per annum additional income. The property’s traditional late-19th/early-20th century façade and multi-floor layout suit continued retail use at ground level with residential conversion above, appealing to investors seeking rental diversification.
Buyers must weigh several material issues. The current lease expires in February 2028 (approx. three years remaining), which will make mortgage lending difficult or impossible for many purchasers. The area has very high crime levels and is classified as very deprived; broadband speeds in the immediate area are very slow and there is a medium flood risk. These factors affect both tenant risk and lettability of new residential units.
This is a pragmatic purchase for a cash buyer or a purchaser with access to non-standard finance who accepts short lease exposure and local socio-economic challenges in return for immediate income and planning-led upside. Any buyer should commission independent surveys and pre-application planning advice before exchange.
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