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Prime Investment Opportunity in Torquay Devon with Restaurant and Tenanted Apartments

Torquay, Devon
An Ideally Located Investment / Development Opportunity Photo 1
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An Ideally Located Investment / Development Opportunity
  • Status

    FOR SALE

  • Date Submitted:

    09/07/24

  • Advert ID

    614073

  • Reference

    higherunion / Rightbiz

  • Call Agent:

    Registered members »

  • Freehold: £469,000
  • Turnover: Not Applicable
  • Net Profit: Not Applicable

Business Details

An Ideally Located Investment Development Opportunity

An ideally located investment / development opportunity comprising of restaurant premises (vacant possesion) together with 3 x self-contained apartments in the very heart of Torquay, Devon. The restaurant is offered equipped with tables, chairs, décor, bar (and paraphernalia) together with well equipped kitchen and the apartment are all occupied, generating an impressive income.  However, the restaurant would easily be converted into a further 2 x apartments (STP) early viewings are highly recommended.

LOCATION

These premises are located on Higher Union Street, taking advantage of high footfall, passing vehicular traffic and convenient parking immediately at side.  This area is known as Torre and is made up of many independent retailers and benefits from easy access to local bus, train station, town centre and harbour.  Torre is situated in the very heart of the perennially busy seaside resort of Torquay and because of recent redevelopments, it now finds itself in a highly populated area.

ACCOMMODATION

Large glass bay-windows to front and part glazed door into:

L-SHAPED DINING ROOM/BAR

4.89m x 4.48m & 3.24m x 3.46m

LADIES CLOAKROOM

Consisting of WC and wash hand basin

GENTS CLOAKROOM

Consisting of WC and wash hand basin

Steps up to:

DINING AREA 2

8.74m x 6.06m

Rear door to rear road.

Archway leading into:

STILL/PREP AREA

2.99m x 1.02m

Steps leading down to:

KITCHEN

3.64m x 2.90m

Of irregular shape measuring

WASH UP AREA/STORES

3.05m x 1.79m

LETTING APARTMENTS

There is a separate door to the right of the restaurant and stairs to 1st floor with 1 x one-bedroom apartment and staircase to 2nd floor with a 1 x two bedroom and 1 x one bedroom apartment.

All three apartment are let out on an AST agreements.

INCOME

Whilst the three flats generate and income of £1650 pcm (no increase for 2 year) and should you let the downstairs accommodation, this would provide an additional £1,160 pcm and collectively this would be approx. £33,750 per annum.

SERVICES

Mains electricity, gas, water and drainage are all connected. However, no testing of these services has been undertaken by the Agents, Lake and Ware Commercial

BUSINESS RATES

Please make your enquiries on the local valuation website (VOA) at www.voa.gov.uk (currently the property is fully exempt from business rates because of small business rates relief)

TENURE

Freehold

VIEWINGS

All viewings are to be by appointment through Ware Commercial

Tel: 01803 328880 or 01392 462266

Email [email protected]

Website: www.warecommercial.com

Read more

Contact Agent

Contact the seller for more details, or book a viewing

Stay Safe

Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Do not share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.

Stay Safe

The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Send a test amount before you consider handing over a large amount of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.

Stay Safe

Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.

Stay Safe

Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.

Stay Safe

Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.

Stay Safe

Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.

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Stay Safe

Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Don't share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.

Stay Safe

The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.

Stay Safe

Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.

Stay Safe

Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.

Stay Safe

Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.

Stay Safe

Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.

Stay Safe

Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.

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The data showed regarding this advert 'An Ideally Located Investment Development Opportunity - higherunion / Rightbiz' comprises as a business advertisement. Rightbiz Ltd makes no warranty as to the accuracy or to the completeness of the advertisement or any linked or any associated information provided. In no event shall Rightbiz Ltd be liable for any damages or loss whatsoever including special, indirect, consequential, incidental or punitive damages for loss of profits and revenue, arising out of or connected with this website or to the use, reliance upon or performance of any information contained in or accessed from this website.