Residential investment properties in demand

Harbour Mews in Paignton was sold by Bettesworths

Harbour Mews in Paignton was sold by Bettesworths - Credit: Archant

An award-winning Torquay-based estate agents and chartered surveyors report significant demand for residential and commercial investment properties throughout Torbay and South Devon.

Since the lockdown restrictions were eased, this sector has seen a noticeable increase in quality inquiries which has resulted in a strong volume of sales being completed across the investment sector.

To meet the demand, Bettesworths are seeking more properties, with active and proceedable purchasers ready to buy.

A recent notable sale completed by Bettesworths was Harbour Mews, Paignton, a purpose-built block of six two-bedroom flats and two two-bedroom cottages, located in a central position close to the seafront and town centre.

Harbour Mews was sold off an asking price of £685,000.

Harbour Mews was run for many years as a holiday letting business, but the previous owners obtained a variation to the planning consent.

This allowed the premises to be occupied all year and not be restricted to holiday letting, meaning the flats and cottages could be let to private tenants on normal assured shorthold tenancy agreements.

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James Lofthouse, of Bettesworths who handled the sale, said: “The versatility of the property allowed potential purchasers options of generating income in many different ways.”

James said that last month, Bettesworths agreed and also completed on many investment properties, with banks and building societies offering very intertest rates to investors, people are thinking the time is right to invest in property and seek the rewarding returns.

During the period Bettesworths also report multiple sales of single unit Buy-to-Let properties, blocks of flats, HMOs and a wide variety of commercial investments across the retail, industrial, office and mixed use sectors.

Paul Bettesworth, commercial director of Bettesworths, added: “It’s a lively investment market. In South Devon alone this year we have sold more than £6million of residential and commercial investment properties and we currently have sales proceeding to contract on £6million more.

“Considering the year the world has endured, it once again shows that property is seen by many to an enduring long-term asset class in which to invest their capital.”

For advice on any aspect of property investment, call Bettesworths on 01803 21202.