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Substantial Investment Premises - Teignmouth

Aaron Fox are delighted to offer for sale for the first time in over 30 years a substantial Commercial and Residential Investment Property in the centre of the sought after coastal town of Teignmouth. The property forms a very prominent and convenient corner site in the centre of the town known at Brunswick Street and Carlton Place Teignmouth. The property is fully let, with some of the tenants having been in occupation for over 10 years.

The property comprises 8 one bedroom apartments, some of which are quite spacious, all of which are let on Assured Shorthold Tenancy Agreements. In addition, on the ground floor, are 2 retail shops and a Launderette plus a further small office. Both shops and the Launderette are let, with the office currently used by the landlords as their management office. In addition there are 2 built areas that could be converted to provide 2 further 1 bedroomed apartments. Planning consent has now lapsed for this conversion, but could be re-applied for.

The property has been well maintained with the main slate roofs having been replaced in 1990, and the three flat roofs renewed in September 2000. In addition the upper half of the building was repainted in 2009. A fire alarm system with smoke detectors is fitted in all flats and the shops.

Offers are invited in excess of £600,000 for this substantial town centre block of property producing a current rental income in excess of £46,000 pax. In addition, a number of the apartments and retail units could have their rents reviewed this year to increase this figure significantly. Furthermore, there are 2 areas that with planning consent could be converted into 2 additional apartments plus it would be possible to let the landlord’s office if this is not required. This could easily, together with some of the above rent increases, take the annual income closer to £65,000 pax. This is a rare opportunity to acquire a large freehold block of property in a town centre location.