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£270,000 Guide Price
Potential to return this currently vacant commercial unit back to a residential home, subject to relevant consent
This prominent end-terrace former residential property, now with planning permission in place, offers a rare opportunity for redevelopment or continued mixed use.
The property is suited to a wide range of potential uses. It could continue as commercial premises with the ground floor in retail use and the upper floors as offices or storage.
Alternatively, the building could be returned to a single residential dwelling under permitted Class E to C3 change of use, offering the opportunity to create a unique and spacious home with exceptional views.
Furthermore, the property benefits from existing Prior Approval for conversion into two maisonettes and one apartment, making it an ideal development opportunity.
The property has current Prior Approval for change of use/conversion of existing commercial premises (Class E) to form two maisonettes and one apartment (Class C3) dwellings.
Positioned in a highly desirable coastal village, the building is currently arranged with ground-floor retail space and self-contained upper floors suitable for either residential or office use.
The overall site area is approximately 0.021 hectares (0.051 acres)
The freehold interest is offered unencumbered, with no existing tenancies, restrictions, or onerous covenants.
The property is available with full and immediate vacant possession.
A brochure is available upon request with detailed information.
Location:
Located in the village of Starcross, the property enjoys a stunning position on the west shore of the Exe estuary, just two miles north of Dawlish Warren. The village has a population of around 1,737 (2011 census) and benefits from strong local amenities including a train station on the Exeter to Paignton mainline. The building is situated near the Galleon public house, a hair salon, and the Starcross Sailing Club, with surrounding properties being mainly residential. The wider location includes Dawlish Warren, a popular seaside resort with caravan parks and Blue Flag beaches, and Dawlish itself, just over three miles away. Exeter is only 7.6 miles to the north and easily accessible.
Starcross is well-served by public transport, with the nearest bus stop located on New Road just over 100 metres away. Train services provide direct connections to Exeter in 15 to 20 minutes, Paignton in around 30 minutes, and Newton Abbot in 40 minutes. Services to London Paddington take around 2 to 2.5 hours with a change at Exeter St Davids, and Plymouth is reachable in around 90 minutes with one change.
Road access is via the A379, which passes through Starcross and links to Exeter and Dawlish. The property is located along The Strand, a road running parallel to the River Exe, offering high visibility and accessibility.
Approved planning documents available upon request
Viewings: Strictly by appointment only.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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