1-3 Palace Avenue, Paignton, Devon, TQ3 3EF
Ground floor retail unit with 3 self contained apartments in Devon
Sold for £300,000.
Thursday 18th May 2023 @ 09:00AM
An Attractive Spacious Freehold Town Centre Investment Opportunity In Popular Seaside Town With Ground Floor Retail Unit And Three Recently Fully Refurbished Self Contained Apartments Above Estimated Rental When Fully Let £33,900 PA
Property DescriptionAn attractive spacious corner property configured to provide a retail unit with a generous return frontage on the ground floor and trading as Les Fleurs florist extending to approximately 932sqft (86.6sqm). On the first floor is Flat 1a comprising entrance hallway, kitchen, shower room, lounge and two bedrooms, extending to approximately 918sqft (85.3sqm). On the second floor is Flat 1b comprising a large living room, with kitchen area, two bedrooms and a bathroom, extending to approximately 650sqft (60.4sqm). On the third floor is Flat 1c comprising of a living room with kitchen area, bedroom, and shower room extending to approximately 472sqft (43.9sqm). The flats are currently vacant and have recently been refurbished to a high standard they are considered suitable for long term lets, holiday lets or used as Air BnB. We have not undertaken an inspection of the premises and all interested parties should seek their own verification of the accommodation.
LocationThe property occupies a prominent corner position fronting Palace Avenue within the heart of Paignton town centre. Within the general vicinity there is a vibrant mix of local and national retailers, banks, pubs and restaurants.
Palace Avenue is accessed from Totnes Road and the location benefits from it's close proximity to town centre car parking and Paignton Railway Station. The main sea front lies less than half a mile to the east.
Paignton is a popular seaside town on the coast of Tor Bay in Devon and lies approximately 25 miles north east of Plymouth and 20 miles south of Exeter.
Energy Performance RatingGround Floor Retail Unit: C
Flat 1a: C
Flat 1b: C
Flat 1c: C
Council Tax BandFlat 1a, 1b and 1c- D
TenureFreehold- The ground floor retail unit is let at a rental of £525pcm (£6,300 per annum). We understand the tenant has been in occupation since 2019 however a rent increase is overdue.
Flat 1a: Vacant possession upon completion. Estimated rental value £850pcm (£10,200 per annum).
Flat 1b: Vacant possession upon completion. Estimated rental value £800pcm (£9,600 per annum).
Flat 1c: Vacant possession upon completion. Estimated rental value £650pcm (£7,800 per annum).
Value Added TaxFor clarification in respect of whether or not VAT will be chargeable on the purchase price please refer to the Legal Pack.
Auctioneer's NotePlease note offers may be considered prior to the Auction Sale.
Remote Bidding AuctionThis property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.
ViewingsStrictly by appointment with the Auctioneers.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,680 inc VAT (£1,400.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.