Property for sale

4-9 Palk Street, Carlton Chambers, 5, 6 & 8-14 Vaughan Parade, Torquay TQ2

Prime Waterfront Investment Overlooking Torquay Harbour.

The property is situated in the borough of Torbay, in the county of Devon. It lies approximately 18 miles south of Exeter and 28 miles east-north-east of Plymouth. Torquay is the principal commercial and tourism centre of the English Riviera, attracting millions of visitors each year, whilst serving a resident population of approximately 65,000 across the town, and around 140,000 across the wider Torbay area.

Vaughan Parade occupies one of the town's premier trading locations, directly overlooking Torquay Harbour and Marina. The immediate area is characterised by a vibrant mix of restaurants, cafes, licensed premises, specialist retailers and leisure operators, including Prezzo, Princess Theatre, Domino's Pizza, Hoopers Department Store and Taco Bell.

Torquay Railway Station lies approximately one mile away, whilst excellent road links provide convenient access to Exeter, the M5 motorway and the wider South West.

The property comprises an attractive Grade II Listed period parade extending across Vaughan Parade and Palk Street, providing a mixture of retail accommodation at ground floor level together with office accommodation above.

The retail units occupy prominent positions fronting the harbour and surrounding streets, whilst the upper floors provide office premises accessed independently.

The building forms one of the most recognisable commercial parades on Torquay's waterfront.

Asset Management Opportunites

Potential opportunities include:

• Reversionary rental growth.

• Lease renewals and re-gears.

• Active estate management with possible residential conversion angles.

Tenure

Long leasehold of 150 years from 25/03/1991.

Freehold retained by the Council of the Borough of Torbay.

Planning & Heritage

The property is situated within Torbay Conservation Area and is Grade II Listed. Interested parties should make their own enquiries of Torbay Council regarding planning matters.

Proposal

We've been instructed to seek offers in the region of £1,125,000 (one million, one hundred and twenty five thousand pounds) subject to contract, which represents a Net Initial Yield of 9.9%.

VAT

The premises are elected for VAT. The sale will be treated as a togc.

Aml

In accordance with Anti Money Laundering regulations, any purchaser will have to provide proof of funds, along with confirmation of how funds were obtained and proof
of id.

EPC Ratings

All EPC's are available in the data room.

Further Details

For further details and access to the data room please contact the joint agents.

Viewings are strictly by prior appointment through the joint agents.