Truly exceptional home that provides £52,000-a-year income
- Credit: Ridgewater Sales and Lettings
Property of the Week is block of flats for sale on Oak Hill Road, Torquay, for £1 million.
Set back from the road and approached along an extensive driveway, this truly exceptional Victorian property, built in the mid-1830s, is currently arranged as nine letting apartments with the added benefit of an impressive four-bedroom owners' accommodation.
This property offers an amazing opportunity to live in the English Riviera with exceptional owners' accommodation and good income potential.
Owned by the current owners for around 20 years, the property’s letting units are all currently let bringing in a total annual income of £52,260, which is a 5.5 per cent yield.
There is, however, potential to increase the annual income by letting the owners accommodation at an estimated £1,100 pcm.
The property stands in good-sized grounds, and offers allocated parking for all units.
There is also the addition of a garage and beautiful private gardens used by the owners' accommodation.
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Conveniently located for a host of highly regarded schools, both Torbay and Mount Stuart Hospitals and The Willows shopping district, there is also easy access onto the South Devon Highway linking Torquay to Exeter and beyond.
Estate agents Ridgewater Sales and Lettings feel there is potential scope for re-development of the site, subject to planning, and the property is arranged so that the owners' accommodation could be made smaller or larger by adding or taking away some of the accommodation.
The owners' accommodation starts with a beautiful, grand arched multi-paned wooden front door that leads from a tiled floor entrance porch into the elegant entrance vestibule with many character features including dado rails, picture rails, and cornicing features.
A door leads to a light and bright entrance hall with high ceiling and central rose, dado and picture rails and cornicing features; wood-effect laminate flooring, cast iron radiator, stairs leading down to lower floor.
Off the hallway is the dining room with dado, picture rails and cornicing features. Built-in shelving is ideal for displays and books. Tall, built-in storage cupboard. Cast iron radiator.
A multi-paned glass door opens to the utility room which, in turn, gives access via a locked door to the flats' communal hallway.
A wide opening leads to the kitchen, which is beautifully fitted with wall and floor cabinets under roll-edge worktop surfaces incorporating a one-and-a-half bowl sink unit with drainer, space and plumbing for dishwasher, as well as free standing fridge/freezer; double glazed window to front; built-in extractor hood over space for range-size oven.
The living room is a lovely light and airy room with double glazed French doors in the large bay opening to the owners' garden, with panelling either side; dado and picture rails, with detailed cornicing to the ceiling.
There's a feature fireplace with gas fire fitted, built-in shelved display cupboard with part-glazed door; stripped wood floorboards and a cast iron radiator.
Bedroom one is a large double with double glazed French doors in the bay window opening to the owners' garden; dado rail, detailed cornicing; door to large walk-in wardrobe; door to en-suite shower room.
From the hallway, a part-glazed door with stained glass detailing opens into a further hallway with built in storage.
Doors lead to bedroom two, a double with dado and picture rails, coved ceiling, radiator under double glazed window and space for bedroom furniture.
Bedroom three is also a double with dado rail, coved ceiling, radiator under a double glazed window and space for bedroom furniture.
Bedroom four, also a double, also features a dado rail, coved ceiling, and a radiator under a double glazed window.
The shower room features a low-level WC with concealed cistern, wash basin in vanity unit with cupboards and drawers under, wall-mounted mirror, shower tray with mains fitted shower over, shower curtain, extractor fan and wall-mounted heated towel rail.
From the main hallway, stairs with wood panelling either side lead down to lower ground floor.
Here, you will find an office with part-wood panelling to the walls, fitted worktop creating a corner desk, space for office furniture, and fitted shelving.
A door leads to a gym room with interlocking gym floor mat, space for tread mill, pilates machine etc, and a built-in sauna. A door leads to a shower room.
There are two allocated car park spaces and a garage.
The letting accommodation comprise nine rooms, all tenanted, with rents varying from £410pcm to £600 pcm.
Outside, the property stands in a lovely sized plot, with plenty of parking.
There is the added benefit of a detached garage which goes with the owners' accommodation.
The beautifully maintained garden is for the sole use of the owners' accommodation and consists of a large patio and gravelled terrace immediately outside the living room and master bedroom, with mature vines and tree planted.
To one side, two steps lead up to an enclosed paved area with space for garden furniture under a wooden pergola, space ideal for a barbecue. A gate leads to a further area of garden.
From the terrace, a wrought iron gate and steps lead down to a lovely sized, enclosed lawned garden with mature trees including palm planted, well-stocked borders with a variety of species of shrubs.
There are two wooden sheds.
The property is on the market with Ridgewater Sales and Lettings with an asking price of £1,000,000. For details, call 01803 313577.