Palace Avenue

An Outstanding Investment Opportunity - Three Flats & Commercial Shop Premises - 13.54% Yield
Connells are delighted to bring to the market this fantastic mixed-use investment opportunity, comprising three residential flats and a commercial shop premises, all generating an established rental income. With tenants already in situ and an impressive advertised yield of approximately 13.54%, this is an exciting opportunity for investors looking to acquire a property with an existing income stream and excellent potential.
Situated in the popular and convenient area of Paignton, the property enjoys a desirable position close to a range of local shops, transport links and everyday amenities. The location offers excellent convenience for both residential tenants and commercial occupiers, making it an appealing proposition for those seeking a well-positioned investment within the South Devon property market.


Auctioneer's Comments
This property is offered through Modern Method of Auction. Should you view, offer or bid your data will be shared with the Auctioneer, iamsold Limited. This method requires both parties to complete the transaction within 56 days, allowing buyers to proceed with mortgage finance (subject to lending criteria, affordability and survey).

The buyer is required to sign a reservation agreement and make payment of a non-refundable Reservation Fee of 4.5% of the purchase price including VAT, subject to a minimum of £6600.00 including VAT. This fee is paid in addition to purchase price and will be considered as part of the chargeable consideration for the property in the calculation for stamp duty liability. Buyers will be required to complete an identification process with iamsold and provide proof of how the purchase would be funded.

The property has a Buyer Information Pack containing documents about the property. The documents may not tell you everything you need to know, so you must complete your own due diligence before bidding. A sample of the Reservation Agreement and terms and conditions are contained within this pack. The buyer will also make payment of no more than £349 inc. VAT towards the preparation cost of the pack. Please confirm exact costs with the auctioneer.

The estate agent and auctioneer may recommend the services of other providers to you, in which they will be paid for the referral. These services are optional, and you will be advised of any payment, in writing before any services are accepted. Listing is subject to a start price and undisclosed reserve price that can change.


Established Rental Income
Established Rental Income
One of the most attractive features of this investment is the existing rental income being generated from the property.
The commercial shop premises are already occupied, whilst each of the three residential flats is also producing an income. This provides a purchaser with the opportunity to acquire an investment that is already operational, rather than facing the initial challenges associated with finding tenants and establishing rental income.
The property is being marketed with an impressive yield of approximately 13.54%, making it an opportunity that is likely to attract considerable interest from investors seeking a strong gross rental return.
For those looking to build a property portfolio, the combination of residential and commercial income can offer an appealing balance, with the potential to benefit from different types of occupiers and rental arrangements.
The established income also provides an opportunity for investors to assess the property's performance using the current rental figures, allowing them to consider the investment in line with their own financial objectives.
Prospective purchasers are encouraged to make their own enquiries regarding the current rental income, tenancy agreements, commercial lease, outgoings and any associated management costs to establish the net return available.


Location
The property is situated in the popular coastal town of Paignton, an established residential and commercial location within the heart of the English Riviera.
Paignton offers a wide range of local amenities, including shops, supermarkets, cafés, restaurants and other everyday facilities. The town also benefits from transport links connecting residents to surrounding areas, making it a convenient location for those living and working locally.
The property's position close to local shops and amenities is particularly appealing for residential tenants, offering the convenience of having everyday facilities within easy reach.
Paignton is also well known for its attractive coastline, sandy beaches and vibrant town centre, providing an appealing lifestyle for residents. The wider Torbay area offers a wealth of attractions, from the picturesque harbour at Brixham to the coastal scenery and countryside surrounding the English Riviera.
The combination of local convenience, transport connections and coastal appeal makes Paignton an established location for both residential and commercial property.


Opportunity For Investors
An Opportunity for Investors
This mixed-use property offers an exciting opportunity for investors seeking an established income-producing asset in a convenient South Devon location.
With three residential flats and a commercial shop premises, the property provides multiple income streams within one investment. The existing tenants offer the benefit of rental income from the outset, whilst the impressive advertised yield of approximately 13.54% makes this a particularly noteworthy opportunity.
Whether you are an experienced landlord looking to expand your portfolio, a commercial investor seeking a mixed-use property, or a buyer looking for an investment with an established income, this property offers plenty to consider.
The combination of residential and commercial accommodation, established occupiers and a convenient location creates an appealing investment proposition.