2 Bed Flat, Planning Permission, Torquay, TQ2 5TA, £115,000

Melville Street, Torquay, TQ2 5TA - 3 months ago

Leasehold
Planning
ROI: 11%
~68 m²
+3 photos

ValuationFair Value

Sold Prices£62K - £640K
Sold Prices/m²£1.3K/m² - £3.5K/m²

 

 

Square Metres

~68.11 m²
Price/m²£1.7K/m²

Value Estimate

£117,300

 

 

End Value (After Refurb)

£119,771

Uplift in Value

+4%

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£28,750

Stamp Duty & Legal Fees

£6,950

Refurb Costs

£27,600

Bridging Loan Interest

£3,019

Total Cash In

£68,069

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£119,771

Mortgage (After Refinance)

£89,829

Mortgage LTV

75%

Cash Released

£3,579

Cash Left In

£64,490

Equity

£29,943

Rent Range

£750 - £3,600

Rent Estimate

£1,266

Running Costs/mo

£647

Cashflow/mo

£619

Cashflow/yr

£7,422

ROI

11%

Gross Yield

13%

Local Sold Prices

50 sold prices from £62K to £640K, average is £180K. £1.3K/m² to £3.5K/m², average is £2.4K/m².

PriceDateDistanceAddressBeds 
£80K10/230.04 miFlat 17, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£86K10/230.04 miFlat 30, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£68K08/230.04 miFlat 12, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£72K12/200.05 miFlat 38, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£70K10/200.05 miFlat 46, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£70K11/200.05 miFlat 30, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£75K07/210.05 miFlat 36, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£62K09/210.05 miFlat 15, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£120K11/220.09 mi2a, Coburg Place, Torquay, Torbay TQ2 5SU2
£285K11/200.14 miApartment 17, The Bay, Cary Road, Torquay, Torbay TQ2 5DR2
£215K09/210.15 miFlat 19, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£249K03/230.15 miFlat 21, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£218K06/210.15 miFlat 20, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£285K02/240.15 miLytton House, Flat 29, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£215K11/220.15 miFlat 6, Ellington Court, St Lukes Road South, Torquay, Torbay TQ2 5NZ2
£127K04/230.15 miFlat 4, The Old Print Works, Braddons Hill Road West, Torquay, Torbay TQ1 1BA2
£249.9K11/230.16 miFlat 10, Waldon Court, St Lukes Road South, Torquay, Torbay TQ2 5PB2
£210K07/210.16 miFlat 19, Waldon Court, St Lukes Road South, Torquay, Torbay TQ2 5PB2
£355K11/230.16 miEllington Court, Flat 5, St Lukes Road South, Torquay, Torbay TQ2 5NZ2
£195K11/230.17 miFlat 26, Kingsdale Court, St Lukes Road North, Torquay, Torbay TQ2 5YG2
£192.5K04/210.17 miFlat 8, Kingsdale Court, St Lukes Road North, Torquay, Torbay TQ2 5YG2
£155K04/230.18 mi57a, Rock Road, Torquay, Torbay TQ2 5SR2
£181K12/200.19 miFlat 8, Vernon Court, Warren Road, Torquay, Torbay TQ2 5TR2
£188K02/210.19 miFlat 10, Hillsborough, Hillesdon Road, Torquay, Torbay TQ1 1QF2
£123K02/210.26 mi19, Warberry Road West, Torquay, Torbay TQ1 1NT2
£195K06/230.32 miFlat 8, Bramhope, Lower Warberry Road, Torquay, Torbay TQ1 1QT2
£180K06/210.36 miFlat 13, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£290K05/230.38 miFlat 29, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£300K02/230.38 miFlat 34, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£210K02/230.38 miFlat 27, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£225K06/230.38 miFlat 38, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£280K06/230.38 miFlat 19, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£165K03/230.38 mi63, Princes Road, Torquay, Torbay TQ1 1NW2
£180K09/230.45 miKenwood, Higher Warberry Road, Torquay, Torbay TQ1 1RY2
£230K08/210.5 mi31, Highbury Road, Torquay, Torbay TQ1 1TE2
£235K03/210.51 miFlat 11, Royal Marina Court, Beacon Terrace, Torquay, Torbay TQ1 2BJ2
£130K10/210.51 miFlat 1, Century House, Lower Ellacombe Church Road, Torquay, Torbay TQ1 1JH2
£125K06/230.51 mi127, Grange Road, Torquay, Torbay TQ1 1LE2
£124K05/230.51 mi117, Grange Road, Torquay, Torbay TQ1 1LE2
£143K03/230.51 mi125, Grange Road, Torquay, Torbay TQ1 1LE2
£170K12/200.52 miFlat 1, St Ives Court, Furzehill Road, Torquay, Torbay TQ1 3JG2
£160K10/200.52 miFlat 5, St Ives Court, Furzehill Road, Torquay, Torbay TQ1 3JG2
£172K10/210.53 miFlat 16, St Ives Court, Furzehill Road, Torquay, Torbay TQ1 3JG2
£165K10/200.57 miFlat 9, Torwood Court, Old Torwood Road, Torquay, Torbay TQ1 1PT2
£110K09/210.57 miFlat 8, Avenue Lodge, Falkland Road, Torquay, Torbay TQ2 5JP2
£252K09/210.59 miFlat 3, Torwood Gardens Court, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£177K01/210.59 miFlat 1, Greenwood, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£174.6K01/210.59 miFlat 1, Kilburn Hall, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£640K08/230.59 miFlat 3a, Imperial Court, Parkhill Road, Torquay, Torbay TQ1 2EP2
£220K12/200.59 miFlat 2b, Imperial Court, Park Hill Road, Torquay, Torbay TQ1 2EP2

Local Rents

51 rents from £750/mo to £3.6K/mo, average is £995/mo.

RentDateDistanceAddressBeds 
£85009/240.03 miMelville Street, TORQUAY2
£95009/240.05 miUnion Street, TQ22
£85009/240.05 miUnion Street, TQ22
£85009/240.05 miUnion Street, TQ22
£80004/250.1 mi-2
£89509/240.13 miUnion Street, TQ12
£1,10010/240.15 mi-2
£90002/250.17 mi-2
£1,43501/250.17 mi-2
£1,43504/250.17 mi-2
£99502/240.18 mi-2
£90002/250.18 mi-2
£90003/250.18 mi-2
£90009/240.19 mi-2
£89502/250.24 mi-2
£1,15009/240.25 mi-2
£95009/240.26 mi-2
£1,10002/240.26 mi-2
£1,12501/250.26 mi-2
£80012/240.26 mi-2
£95009/240.27 miCastle Road, TORQUAY2
£1,15009/240.29 miThe Terrace, Torquay, TQ12
£1,20003/250.32 mi-2
£77509/240.32 miUpper Braddons Hill Road, Braddons Tor Upper Braddons Hill Road, TQ12
£99509/240.35 mi-2
£1,00004/250.35 mi-2
£1,04911/240.35 mi-2
£1,10004/250.35 mi-2
£75009/240.37 miMorgan Avenue, Torquay2
£3,60002/240.37 mi-2
£2,79502/240.37 mi-2
£3,60009/240.37 mi-2
£2,79509/240.37 mi-2
£3,60011/240.37 mi-2
£91501/250.38 mi-2
£85009/240.38 miWellington Road, Torquay, Devon2
£1,50001/250.38 mi-2
£75001/250.38 mi-2
£2,40009/240.39 miVictoria Parade, Torquay, Devon, TQ12
£1,10009/240.41 miPark Hill Road, TORQUAY2
£95009/240.42 mi-2
£95009/240.42 miAsh Hill Road, Torquay, TQ12
£1,40003/250.44 mi-2
£1,40003/250.44 mi-2
£1,51710/240.44 mi-2
£87509/240.46 miVictoria Road, TORQUAY2
£85009/240.46 miGable Park, Lower Ellacombe Church Road, Torquay2
£85004/250.46 mi-2
£94509/240.47 mi-2
£99509/240.47 mi-2
£1,29510/240.47 mi-2

Local Area Statistics

Population in TQ2

34,088

Population in Torquay

65,319

Town centre distance

1.20 miles away

Nearest school

0.50 miles away

Nearest train station

0.69 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+30%

Sales demand

Buyer's market

Capital growth (5yrs)

+28%

Property History

Listed for £115,000

January 23, 2025

Description

  • 2 BED +
  • CLOSE TO SHOPS +
  • CLOSE TO SEAFRONT +
  • DOUBLE GLAZED + CENTRAL HEATING +
  • NO CHAIN +

Look inside to fully appreciate this two bedroom first floor flat! Located on the edge of Torquay town Centre being convenient for the seafront and shops this two bedroom first floor flat is well appointed with a large open plan kitchen/lounge/diner with the kitchen being fitted with a modern range of units and with built-in appliances. There is a modern bathroom along with a double and a smaller single bedroom all well presented and in ready to move into condition. The flat comes with double glazing and central heating and is available now with no onward chain. Communal Entrance Hallway Stairs to 1st floor landing. Front door to flat. Hallway Useful built-in store cupboard with shelf and electric meter and fuse box. Entry intercom. Recess is suitable for coats shoes, etc. Lounge/Kitchen/Diner - 6.3 m x 3.7 m at widest A superb open plan lounge/ kitchen /diner with the kitchen area being well appointed with a range of grey woodgrain effect base units with quartz effect works surfaces over. Stainless steel sink unit with mixer tap. Integrated glass electric hob with stainless steel cooker hood over and matching electric oven/grill below. Integrated fridge freezer. Metro tiling to the wall areas. Double glazed window. Radiator. Gas boiler for central heating and hot water. LED lighting to the kitchen kickboards. The lounge area will easily accommodate a three-piece suite and has ample power points and TV point. Radiator. Comprehensive range of ceiling mounted spotlights. Oak effect flooring. Bedroom One - 3.5 m x 2.8 m at widest A double bedroom with double glazed window and radiator. Office/Bedroom Two - 2.2 m x 2.1 m at widest Ideal as an office although could be used as a small single bedroom or nursery if desired. Double glazed window. Phone point. Bathroom Fitted with a modern white suite comprising panel bath with chrome mixer tap over and mains shower fitment with oversized showerhead and body spray plus folding splash screen. Pedestal wash and basin with mirror over and matching close couple WC. Ladder radiator. Metro tiling to the walls. Double glazed window. Material Information Leasehold (to be advised)
Service charge (to be advised)
ground rent (to be advised) AGENTS NOTES These details are meant as a guide only. Any mention of planning permission, loft rooms, extensions etc, does not imply they have all the necessary consents, building control etc. Photographs, measurements, floorplans are also for guidance only and are not necessarily to scale or indicative of size or items included in the sale. Commentary regarding length of lease, maintenance charges etc is based on information supplied to us and may have changed. We recommend you make your own enquiries via your legal representative over any matters that concern you prior to agreeing to purchase.

Agent Details

Taylors (Torbay) Ltd, Torquay

01803 201904

Next Steps?

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