The property is conveniently located close to Torquay Town Centre and within easy reach of the seafront and many of the amenities and facilities Torquay has to offer.
This large property was converted from a nursing home approximately twenty years ago. It comprises 20 separate letting units, from bedsits to a two bedroom flat. Many of the tenants have been living in the property for a number of years and due to their longevity are paying slightly less than the current market rent. All tenants pay by bank standing order and all are in employment, therefore this property doesn’t require much ongoing attention. When a vacancy does occur, it is quickly taken. Over the past 5 years, the occupancy rate has been 97.03% this includes the not “available time” due to redecoration etc.
Each unit is fitted with Electricity Con Meter which is an extra source of revenue and they are only emptied four times a year. The property has communal gas central heating, hot water and fibre optic broadband, which is paid by the Landlord. There are also 12 CCTV cameras with remote viewing and 2 coin operated laundry rooms. There is also a very useful large Landlords store and boiler room. All of the rooms are let well furnished. A detailed inventory can be supplied to interested parties by the vendor. There is private off road parking for two vehicles.
The current rental income is £90,480 Per Annum (£7,540 per month). The Landlord's outgoings are approximately £16,000 Per Annum. These cover water rates, gas, electricity and other rates. The property has full planning permission and is a licensed HMO.