Sold for £210,000

A substantial landmark property (8245 sq ft, source EPC) set over 4 floors comprising 3 x ground floor retail units (2 vacant, 1 sold off on a long lease) with 3 floors of office space above. Lapsed planning for 12 x 1 bedroom flats, development potential, vacant.

Description/Location

Municipal Chambers is a prominent building located at Castle Circus, Torquay. The upper floors were previously let to a language school, and the 2 ground floor retail premises to a coffee outlet and barber's at a combined rental of £10,450 pa. The ground floor retail unit at 123 Union Street was sold on a 125 year lease from June 2017 at a ground rent of £100 per annum and contributes an 8.5% share towards maintenance and insurance. In addition, former male & female conveniences occupy part of the ground floor of the property, these are disused and have potential for alternative use. Planning was passed by Torbay Council on 17/04/2007 Ref: P/2006/1236 for conversion of the upper floors to form 12 x 1 bedroom flats.

Tenure

Freehold
Auctioneers note: Viewers will be denied entry to the main building if they do not wear their own PPE. This must include headwear, a face covering, disposable gloves and sturdy flat footwear. Viewers must not damage any part of the building and will be required to sign a waiver to enter. Any viewers declining to agree to the viewing waiver will be denied entry.
EPC rating - Main Building E, Retail unit 1 D, Retail unit 2 TBC

Local Authority

Torbay Council01803 201201www.torbay.gov.uk

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Accommodation

Ground floor: 2 x retail units, former public conveniences, 1 x retail unit sold on a 125 year lease. First, second and third floors: Each floor features up to six rooms and in some instances toilets. Lower ground floor: Underground cellar not inspected.

Rent

Current rent £100 per annum

Virtual Tour

Virtual Tour Municipal Chambers

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.