Blooming seaside property hosting florist and three flats above
A florist in a popular seaside resort’s town centre is the anchor commercial tenant in a spacious mixed-use freehold seaside property coming up at Bond Wolfe’s next auction on Thursday 27 October.
Les Fleurs Florist has been trading in a retail unit on the ground floor at 1 Palace Avenue in Paignton for the last three years.
The building, which also has three self-contained apartments above which have been recently refurbished, has a guide price* of £340,000+ and is expected to attract multiple bidders.
Ian Tudor, joint managing director – of auctions at Bond Wolfe, explained that the estimated rental when fully let was £33,900 per year, representing a potential yield of nearly 10% based on the guide price.
Mr Tudor said: “This is an attractive and spacious investment opportunity in what is a popular seaside town on the coast of Tor Bay in Devon, approximately 25 miles northeast of Plymouth and 20 miles south of Exeter.
“The seaside property occupies a prominent corner position fronting Palace Avenue with a return frontage to Bishops Place in the heart of Paignton’s town centre, with the main seafront less than half a mile to the east.
“There is a vibrant mix of local and national retailers, banks, pubs and restaurants in and around Palace Avenue, which is accessed from Totnes Road and has various bus stops, town centre car parking and Paignton Railway Station close by.”
The corner property is configured to provide a retail unit with a generous return frontage on the ground floor, which Les Fleurs florist has occupied since for £6,300 per annum.
The three apartments upstairs, which are currently vacant, include:
- Flat 1a on the first floor, has an entrance hallway, kitchen, shower room, lounge and two bedrooms, extending to approximately 918 sq ft and with an estimated rental value of £10,200 per year.
- Flat 1b on the second floor, has a large living room, kitchen area, two bedrooms and a bathroom, extending to approximately 650 sq ft and with an estimated rental value of £9,600 per year.
- Flat 1c on the third floor, which has a living room with kitchen area, bedroom, and shower room extending to approximately 472 sq ft and with an estimated rental value of £7,800 per year.
Mr Tudor added: “The flats have recently been refurbished to a high standard they are considered suitable for long-term lets, holiday lets or as Airbnb rentals.”
The Paignton property is just one of 158 lots due to appear in Bond Wolfe’s next auction which is due to start at 9.30 am on Thursday 27 October.
The auction will be live-streamed via Bond Wolfe’s website with remote bidding by proxy, telephone or internet.
For more details and to register to bid visit www.bondwolfe.com/property-auctions-west-midlands/ or email [email protected], or call 0121 312 1212 or 01902 928 510.