Commercial property: Mixed use investment opportunity for both investors or occupiers
- Credit: Archant
Number 3-5 Lucius Street, Torquay, presents an excellent opportunity to own a tidy, mixed commercial and residential investment in a thriving parade, close to Torquay town centre.
Historically a branch of Lloyds Bank and now known as The Old Bank, the property comprises two commercial units and a large independent first floor flat.
The property is for sale due to the prior sale of the current owner’s business and is offered at a price of £265,000 freehold.
While currently part owner occupied, fully let the potential Income is over £21,000 per annum or there is scope for owner occupation.
Number 3 Lucius Street is occupied by a bridal shop under a five-year lease from August 2018 at a passing rent of £7,500 per annum.
Number 5 Lucius Street is a spacious ground floor office, with further first floor office and staff welfare accommodation and secure basement storage.
This commercial unit is a generous size and would suit a variety of different users, be it retail of office focused.
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Parties looking for premises to owner occupy will appreciate the space, the scope to grow and the additional rental income.
Number 12 Tor Church Road, the residential element of the investment, is a large, first floor, two-bedroom flat and is smartly presented throughout.
The flat benefits from gas central heating and independent electricity.
The flat is currently let at a concessionary rent of £450pcm but this shows scope for significant growth.
Lucius Street has a vibrant mix of independent occupiers and links Torquay’s principle holiday accommodation area with the town centre.
The entire property is offered for sale freehold, subject to the current lease at £265,000.
This opportunity would suit a variety of investors or owner occupiers. Viewing is highly recommended and can be arranged by appointment with Bettesworths.