53-55 & 59 Market Street, Torquay, Devon, TQ1 3AW

The property comprises a mixed-use retail, residential and industrial investment with a number of asset management and development opportunities (subject to obtaining the requisite consents). Arranged as two retail units, with two maisonettes to the upper parts and a large warehouse to the rear the property is fully let on a mix of commercial leases and residential ASTs. The ground floor retail units have been merged to form a single retail space and also link through to the rear warehouse, all are let on a single lease expiring 04.12.2026 and paying £24,000 per annum, reflecting a very low £1.50 per sq ft. We therefore consider this element of the property offers evident asset management potential via improvement of the rents. The upper parts to the Market Street frontage comprise two maisonettes (1 x two bedrooms and 1 x three bedrooms). These are let on residential periodic ASTs and each producing £6,000 per annum (£500 pcm). Comparable evidence suggests that the residential units are under-let, with two bedroom flats in the area currently being advertised at £10,200 p.a. (£850 pcm) and three bedroom flats at £12,000 p.a. (£1,000 pcm). Alongside the evident asset management potential via improvement of rents. We consider the property may also offer development potential via conversion to alternative uses, including residential (subject to the existing leases and any requisite consents). The property benefits from a prominent frontage to Market Street, an established retail street close to the prime pitch of Union Street, with the surrounding area comprising similar mixed uses and local tenants.