Land for sale

Fleet Street, Torquay TQ2

Upper Floors Development Opportunity with Planning Permission. Planning Permission Approved for 2 x 2 Bed Flats & 2 x 1 Bed Flats.

The property is situated in a highly central position in Torquay, on Fleet Street, one of the town’s principal commercial streets. The location benefits from excellent access to the town centre, harbour, seafront, restaurants, cafés, leisure facilities and public transport connections.

Fleet Street forms part of Torquay’s main retail and commercial core and is well placed for access to Torquay Harbourside, Union Street, the seafront and the wider English Riviera. The rear access from Rock Road provides an existing dedicated entrance to the upper floor accommodation.

The property comprises the upper floors of 33 Fleet Street, Torquay, currently vacant and arranged as store room accommodation.

The plot is to be sold by way of a new long leasehold title, to be created on sale. Planning permission has been approved via Torbay Council under planning reference P/2023/1095 for the conversion of the upper floors to provide 4 residential units arranged over three floors. The proposed accommodation comprises 2 x 1-bedroom flats and 2 x 2-bedroom flats. Planning permission is valid until February 2028. Alternative development under permitted development rights may be possible.

This is an excellent opportunity to acquire a town centre development project with planning consent already achieved, providing scope for onward sale or retention as a residential investment once completed.

Accommodation

The accommodation is currently vacant and arranged as store rooms.

The approved proposed scheme provides the following residential accommodation:

Upper Ground / First Floor Levels

Flat One

1-bedroom studio apartment, with mezzanine bedroom.

Approximate area: 38 sq m.

Flat Two

1-bedroom studio apartment, with mezzanine bedroom.

Approximate area: 37 sq m.

Communal space for ancillary provision including bin store and cycle racks.

Second Floor

Flat Three

2-bedroom apartment.

Approximate area: 57 sq m.

Third Floor

Flat Four

2-bedroom apartment.

Approximate area: 57 sq m.

Tenure

The property is being sold by way of a new long leasehold title to be created on sale.

Flexible lease terms are available but proposed 999-year lease at a peppercorn ground rent and a 50% split of repair liability managed via a service charge.

Asking Price

An asking price of £150,000.

Planning

Planning permission has been approved via Torbay Council for the creation of 4 residential units. Further details are available on Torbay Council’s Planning Portal using reference: P/2023/1095. Planning is valid until February 2028.

EPC Rating C

Business Rates

Business Rates are currently combined with the ground floor retail accommodation and would need to be split should there be continued commercial use.

Viewing

Viewing is highly recommended and can be arranged by prior appointment with the Agents, Bettesworths.