Plans drawn for 10 self-contained flats
Local council receptive on redevelopment
Current income circa £36,000 per annum
Ground floor nightclub (short term let) £13,000 p/a
2 2-bedroom flats & 2 1-bedroom flats - £22,920
Potential additional office let at £5,000 p/a
Site measures 2,440 sq ft with gross internal area (GIA) of circa 6,400 sq ft
EPC rating D to G
Offers invited on an unconditional basis
Currently comprising a substantial end of terrace property, with nightclub positioned over the ground and first floors, with residential accommodation on the second and third floors in addition to an office space. The property has been owned and run by our clients as an investment vehicle, whilst trading the nightclub – which has more recently been let on a short term tenancy basis. The property already has a robust income from the 4 self-contained flats, which have been let on AST agreements, with the opportunity to increase the income by letting the flat or, converting the remainder of the property to residential.
Teignmouth is a popular seaside resort on the south coast of Devon, with its long sandy beaches it is positioned on the North bank of the River Teign, approximately 14 miles south of Exeter and 6 miles west of the market town of Newton Abbot. With a population of circa 15,000, the town has grown from a fishing port associated with the Newfoundland cod industry to a fashionable resort of some note in Georgian times, with further expansion after the opening of the South Devon Railway in 1846. Today, its port still operates and the town remains a popular seaside holiday location which swells in the summer months, whilst maintaining a thriving local community.
The town is easily accessed via the M5 motorway and A380, it also benefits from a main-line railway station linking it directly with London Paddington.
The land immediately behind the site is currently out for consultation as part of Teignbridge District Councils master plan for the redevelopment of Teignmouth, which we believe will position the site in the heart of much investment in the town.
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