Torquay Road, Paignton

£150,000

Guide price

Freehold town centre mid terraced residential and commercial investment opportunity comprising ground floor lock up shop with direct frontage to Torquay Road and a spacious maisonette above producing a combined income of £15,140 per annum.

SITUATION AND DESCRIPTION

Paignton is a popular seaside town between Torquay and Brixham, and serves the seasonal influx of tourists together with the year round resident population. It has a good range of local amenities to include a range of shops, restaurants, leisure facilities and a railway station. Exeter is within approximately 25 miles away where a much wider range of experiences are available to include an international airport linking the South West with Europe and beyond.

Torquay Road is the principle thoroughfare linking Paignton town centre with Torquay. This busy main road is popular with a range of local retailers and home to the main post office. The Crossways Shopping Centre opposite is scheduled for redevelopment which give this area an additional boost. The subject property is located fronting Torquay Road, with a secondary access to the maisonette and parking spaces off the service road that runs parallel to Torquay Road and to the rear of the property.

BUYERS RESERVATION FEE TRADITIONAL ONLINE AUCTIO

The successful purchaser(s) will be liable to pay the sum of £5,000. From this a buyer s fee of £2,400 (inc VAT) is retained by Stags/Bamboo as a contribution towards the online platform costs, and £2,600 is payable towards the purchase price.

An additional administration fee of £1,200 (Inc VAT) will be payable by the successful purchaser immediately after the auction. This will be separately invoiced by Stags.

ACCOMMODATION

The GROUND FLOOR SHOP has access from the main road and is arranged as a mini market. The retail area extends to approximately 54.1 sq m (582 sq ft) together with rear stores, welfare and wc area.

There is one parking space to the rear of the shop.

The MAISONETTE accommodation is arranged to provide the following; Entrance hall, kitchen, sitting room, bedroom, stairs to second floor bedroom, bathroom with bath, w.c. and wash hand basin,. Small balcony area, parking for one vehicle. The maisonette was fully refurbished 10 years ago.

SERVICES

All mains services are understood to be available to the property.

TENANCIES

The shop is let on a 5 year lease from 28 May 2019 at a rent of £8,000 per annum. The tenant is responsible for the flat roof to the front of the building and a proportionate repair and maintenance obligation on the remainder of the building and reimbursement of a proportion of the cost of insurance.

The MAISONETTE is let separately on an Assured Shorthold Tenancy to an occupier who has lived there since August 2011 and currently paying a rent of £595 per calendar month.

Total gross rent £15,140 per annum.

VIEWING

Strictly by appointment with the Agents, Michelmore Hughes Stags 01803 865116

EPC

Ground floor shop - D (100), number 33a - D (66)

BUSINESS RATES

The ground floor shop has a Rateable Value of £7,000. 33a Council Tax Band A

DIRECTIONS

On arriving in Paignton from Totnes, follow the signs to Torquay along the A3022. Pass through the traffic lights outside the Tesco Metro, the post office will be on your right, the subject property is then on your left in the centre of the parade of shops.

METHOD OF SALE AND LOTTING

The property will be offered for sale by Online Traditional auction (unless sold prior). The auction end date is to be confirmed. The vendor reserves the right to withdraw or alter the property for sale prior to the auction end date.

PROOF OF INDENTITY

Under Money Laundering Regulations 2017 it is a requirement for Estate Agents to perform due diligence checks on any person that intends to bid at auction.

There will be a requirement for all bidders to register via the online sales site and complete the ID checks. There is no charge for registration.

DEFINITION OF AUCTION AND RESERVE

Guide price(s) are an indication of the seller s expectation.

Reserve price(s) are a figure below which the auctioneer cannot sell the lot at auction.

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide.

Guide prices may change at any time prior to the auction.

LEGAL PACK

Copies of the legal pack and special conditions of sale are available online to be downloaded, via the tab on the online auction property listing page.

Prospective purchasers will need to register with the Bamboo online platform in order to download the legal pack. It is the purchaser s responsibility to make all necessary enquiries prior to the auction.

Prospective purchasers are strongly advised to inspect the legal documentation and to consult legal advice prior to bidding.

SOLICITOR ACTING

Horsey Lightly Solicitors

2 West Mills Newbury, Berkshire, RG14 5HG

FAO Rosalind Oram - roram@horseylightly.com

Tel: 01635 580858

AUCTION END DATE AND TIME

To be confirmed.

COMPLETION DATE

The completion date will be as dictated by the solicitor and included in the legal pack.

SPECIAL CONDITIONS OF SALE

Particulars, remarks and stipulations contained herein shall be deemed to form part of the special conditions of sale/auction information pack and in case of any inconsistencies the provisions of the latter shall prevail. Special conditions of sale/auction information pack is available online. It is assumed that the Purchase will have made all necessary enquiries prior to the auction..

Arrange viewing 01803 411258

Stags - Totnes

The Granary, Totnes, Devon, TQ9 5GN

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