LOT
89
£675,000+*
Guide price (+ fees)
An opportunity to acquire the sizeable freehold building being the former Pearl Assurance House situated in the heart of Torquay town centre, comprising of 4 commercial units on the ground floor, all with established tenants and generating a forecast income of £63,000 pae at full market rents, being sold along with the vacant upper floors having the benefit of Building Control Permission for conversion to 8 apartments, which was granted on the 8th April 2022 under application number 20.05611 and the potential for possible further upwards extension, subject to any requisite consents, upon which interested parties must make and rely upon their own building/planning enquiries of Torbay Council.
Union Street is situated in the heart of Torquay town centre enjoying recent regeneration and a newly opened 13 screen cinema complex increasing footfall to the immediate area and offering a wide variety of bespoke shops, cafes, a shoppiing centre, and a host of High Street brands in this thriving seaside town. Famed for its warm climate, sandy beaches and marina, the town remains popular with both local residents and holiday makers visiting the English Riviera.
Unit 101: VOA Rating £13,750 - 77.4 Square metres. Rent free period currently in place until the 31st December 2022 with £15,000 per annum thereafter.
Unit 103: VOA Rating £12,250 - 62.2 Square metres. Rents Passing £12,000 per annum, paid monthly.
Unit 105: VOA Rating £13,750 - 64.5 Square metres. Rents Passing £18,000 per annum, paid monthly.
Unit 107: VOA Rating £14,000 - 66.2 Square metres. Rents Passing currently at £15,000 per annum up until the 1st May 2023 and £18,000 per annum thereafter, paid monthly.
Staircase rising from the ground floor entrance vestibule to all floors.
Four x one double bedroom apartments each having an entrance hall, open plan lounge/kitchen/diner and a bathroom.
Four x one double bedroom apartments each having an entrance hall, open plan lounge/kitchen/diner and a bathroom.
Open parapeted roof top terrace which may offer the potential for possible further upwards extension, subject to any requisite consents, upon which interested parties must make and rely upon their own planning enquiries of Torbay Council planning department.
Strictly by prior appointment with Miller Countrywide Torquay 01803 291429. General enquiries Countrywide Property Auctions 01395 275691.
101 Union Street - C
103 Union Street - D
105 Union Street - C
107 Union Street - B
Pearl Assurance House - E
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GUIDE PRICES & RESERVE PRICES
Guide Price
An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
Reserve Price
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer.
Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
Pearl Assurance House & 101 - 107 Union Street, Torquay TQ1 3DW
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An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer.
Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
A successful purchaser will also be required to pay a Buyer’s Administration Charge of 1.2% of the purchase price subject to a minimum fee of £1,800 including VAT (unless stated otherwise within the property description in the catalogue) by debit card or bank transfer.
You are bidding on the basis that you have made all necessary enquiries, particularly in respect of lots the auctioneer has not inspected or had initial sight of tenancy details, and have checked the General and Special Conditions of Sale and are satisfied that you fully understand their content. Please note that some legal packs may contain additional fees (such as the requirement for the seller to pay the vendor's legal fees).
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