GUIDE PRICE £700,000 - £750,000

Current rent received £23,820 p.a. Projected rent £70,020 p.a.

Moorcot

Kents Road, Torquay, Devon, TQ1 2NN

Lot 8

Block of Apartments - Flats / Apartments
A substantial Victorian Villa (approximately 4,327 sq.ft.) currently arranged as 6 apartments plus large 3 bedroom owners accommodation, part let currently producing £23,820 per annum, estimated rental value £70,020, set on a plot of 0.288 acres, development potential

Description/Location

Moorcot is situated in one of Torquay's most desirable residential locations and offers the potential for immediate rental uplift as well as other possibilities including holiday letting or further development, subject to planning. Once fully let at current market rents, Moorcot Flats should achieve a rent of £70,020 per annum, compared with the present total of £23,820 per annum.

5 of the flats are let on Assured Shorthold Tenancies, all in Periodic Status.. The current rental schedule is as follows:
• Flat 1 – 2-bedroom self-contained maisonette over two floors – let at £500.00 pcm
• Flat 2 – self-contained 2-bedroom bungalow – let at £600.00 pcm
• Flat 3 – 1-bedroom flat – currently vacant, previously let at £625.00 pcm
• Flats 4 & 5 – two 1-bedroom flats, combined and let to a sole tenant – £535.00 pcm (combined)
• Flat 6 – 1-bedroom self-contained flat – let at £350.00 pcm
• Flat 7 – large 3-bedroom self contained flat – vacant, previously used as owners' accommodation

Tenure

Freehold

Local Authority

Torbay Council 01803 201201www.torbay.gov.uk

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Rent

Current rent received £23,820 p.a.
Projected rent £70,020 p.a.

Virtual Tour

Virtual Tour Moorcot virtual tour
Additional Virtual Tour video

View Larger Map

View larger map on Google Maps.

Legal documents

Click to view legal documents

*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 £2,100 (inc. VAT) unless otherwise stated in the addendum (£600 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.