Freehold Investment / Development Opportunity

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 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 office or, converting the remainder of the property to residential.

Planning permission has now been granted for 10, self-contained apartment over four floors, which is available to view on Teignbridge District Councils planning portal using 17/02168/PUL

* Joint venture Offers Considered

* 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