2 Bed Flat, Refurb/BRRR, Torquay, TQ2 5YE, £160,000

12 St. Lukes Road South, Torquay - 4 views - a year ago

Leasehold
Refurb/BRRR
ROI: 9%
~54 m²
+10 photos

ValuationOvervalued

Sold Prices£62K - £640K
Sold Prices/m²£1.3K/m² - £9.1K/m²

 

 

Square Metres

~53.90 m²
Price/m²£3K/m²

Value Estimate

£142,744

 

 

End Value (After Refurb)

£147,500

Investment Opportunity

Cash In

 

Purchase Finance

Bridging Loan

Deposit (25%)

£40,000

Stamp Duty & Legal Fees

£6,000

Refurb Costs

£21,841

Bridging Loan Interest

£4,200

Total Cash In

£73,791

 

 

Cash Out

 

Monetisation

FlipRefinance & Rent

Revaluation

£147,500

Mortgage (After Refinance)

£110,625

Mortgage LTV

75%

Cash Left In

£73,791

Equity

£36,875

Rent Range

£750 - £3,600

Rent Estimate

£1,262

Running Costs/mo

£733

Cashflow/mo

£529

Cashflow/yr

£6,344

ROI

9%

Gross Yield

9%

Local Sold Prices

50 sold prices from £62K to £640K, average is £185.3K. £1.3K/m² to £9.1K/m², average is £2.5K/m².

PriceDateDistanceAddressBeds 
£249.9K11/230.04 miFlat 10, Waldon Court, St Lukes Road South, Torquay, Torbay TQ2 5PB2
£210K07/210.04 miFlat 19, Waldon Court, St Lukes Road South, Torquay, Torbay TQ2 5PB2
£215K09/210.04 miFlat 19, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£249K03/230.04 miFlat 21, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£218K06/210.04 miFlat 20, Lytton House, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£285K02/240.04 miLytton House, Flat 29, St Lukes Road South, Torquay, Torbay TQ2 5PA2
£285K11/200.06 miApartment 17, The Bay, Cary Road, Torquay, Torbay TQ2 5DR2
£195K11/230.08 miFlat 26, Kingsdale Court, St Lukes Road North, Torquay, Torbay TQ2 5YG2
£192.5K04/210.08 miFlat 8, Kingsdale Court, St Lukes Road North, Torquay, Torbay TQ2 5YG2
£120K11/220.09 mi2a, Coburg Place, Torquay, Torbay TQ2 5SU2
£155K04/230.12 mi57a, Rock Road, Torquay, Torbay TQ2 5SR2
£72K12/200.14 miFlat 38, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£70K10/200.14 miFlat 46, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£70K11/200.14 miFlat 30, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£75K07/210.14 miFlat 36, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£62K09/210.14 miFlat 15, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£181K12/200.14 miFlat 8, Vernon Court, Warren Road, Torquay, Torbay TQ2 5TR2
£80K10/230.14 miFlat 17, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£86K10/230.14 miFlat 30, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£68K08/230.14 miFlat 12, Tor Haven, Abbey Road, Torquay, Torbay TQ2 5NB2
£355K11/230.14 miEllington Court, Flat 5, 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
£215K11/220.15 miFlat 6, Ellington Court, St Lukes Road South, Torquay, Torbay TQ2 5NZ2
£188K02/210.23 miFlat 10, Hillsborough, Hillesdon Road, Torquay, Torbay TQ1 1QF2
£123K02/210.38 mi19, Warberry Road West, Torquay, Torbay TQ1 1NT2
£195K06/230.4 miFlat 8, Bramhope, Lower Warberry Road, Torquay, Torbay TQ1 1QT2
£180K06/210.42 miFlat 13, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£235K03/210.42 miFlat 11, Royal Marina Court, Beacon Terrace, Torquay, Torbay TQ1 2BJ2
£290K05/230.44 miFlat 29, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£300K02/230.44 miFlat 34, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£210K02/230.44 miFlat 27, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£225K06/230.44 miFlat 38, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£280K06/230.44 miFlat 19, Ellesmere, Lower Warberry Road, Torquay, Torbay TQ1 1TR2
£165K03/230.5 mi63, Princes Road, Torquay, Torbay TQ1 1NW2
£640K08/230.52 miFlat 3a, Imperial Court, Parkhill Road, Torquay, Torbay TQ1 2EP2
£220K12/200.52 miFlat 2b, Imperial Court, Park Hill Road, Torquay, Torbay TQ1 2EP2
£180K09/230.54 miKenwood, Higher Warberry Road, Torquay, Torbay TQ1 1RY2
£110K09/210.57 miFlat 8, Avenue Lodge, Falkland Road, Torquay, Torbay TQ2 5JP2
£230K12/200.58 miFlat 8, Oakridge, Parkhill Road, Torquay, Torbay TQ1 2DX2
£310K02/210.58 miFlat 1, Meadfoot Grange, Meadfoot Road, Torquay, Torbay TQ1 2LR2
£182.5K12/200.58 miFlat 5, Meadfoot Grange, Meadfoot Road, Torquay, Torbay TQ1 2LR2
£252K09/210.6 miFlat 3, Torwood Gardens Court, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£177K01/210.6 miFlat 1, Greenwood, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£174.6K01/210.6 miFlat 1, Kilburn Hall, Torwood Gardens Road, Torquay, Torbay TQ1 1EQ2
£165K10/200.6 miFlat 9, Torwood Court, Old Torwood Road, Torquay, Torbay TQ1 1PT2
£125K06/230.61 mi127, Grange Road, Torquay, Torbay TQ1 1LE2
£124K05/230.61 mi117, Grange Road, Torquay, Torbay TQ1 1LE2
£143K03/230.61 mi125, Grange Road, Torquay, Torbay TQ1 1LE2
£172.5K08/230.61 miFlat 9, Rosemont, Lower Woodfield Road, Torquay, Torbay TQ1 2JY2
£340K06/230.61 miFlat 10, Rosemont, Lower Woodfield Road, Torquay, Torbay TQ1 2JY2

Local Rents

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

RentDateDistanceAddressBeds 
£80004/250.06 mi-2
£1,43501/250.07 mi-2
£1,43504/250.07 mi-2
£85009/240.11 miMelville Street, TORQUAY2
£1,10010/240.14 mi-2
£95009/240.16 miUnion Street, TQ22
£85009/240.16 miUnion Street, TQ22
£85009/240.16 miUnion Street, TQ22
£89509/240.24 miUnion Street, TQ12
£1,15009/240.25 mi-2
£1,15009/240.26 miThe Terrace, Torquay, TQ12
£90002/250.29 mi-2
£99502/240.3 mi-2
£90002/250.3 mi-2
£90003/250.3 mi-2
£90009/240.3 mi-2
£3,60002/240.33 mi-2
£2,79502/240.33 mi-2
£3,60009/240.33 mi-2
£2,79509/240.33 mi-2
£3,60011/240.33 mi-2
£1,50001/250.33 mi-2
£2,40009/240.33 miVictoria Parade, Torquay, Devon, TQ12
£1,20003/250.35 mi-2
£77509/240.35 miUpper Braddons Hill Road, Braddons Tor Upper Braddons Hill Road, TQ12
£95009/240.35 mi-2
£1,10002/240.35 mi-2
£1,12501/250.35 mi-2
£89502/250.35 mi-2
£75001/250.36 mi-2
£1,10009/240.37 miPark Hill Road, TORQUAY2
£80012/240.38 mi-2
£95009/240.38 miCastle Road, TORQUAY2
£89509/240.41 miBeacon Terrace, Torquay, TQ12
£89509/240.41 mi8 Beacon Terrace, Torquay, TQ12
£94509/240.42 mi-2
£99509/240.42 mi-2
£1,29510/240.42 mi-2
£1,00009/240.42 miBeacon Terrace, TORQUAY2
£1,40003/250.43 mi-2
£1,40003/250.43 mi-2
£1,51710/240.43 mi-2
£75009/240.43 miMorgan Avenue, Torquay2
£99509/240.46 mi-2
£1,00004/250.46 mi-2
£1,04911/240.46 mi-2
£1,10004/250.46 mi-2
£85009/240.47 miMeadfoot lane, Torquay, devon2
£91501/250.49 mi-2
£85009/240.49 miWellington Road, Torquay, Devon2
£85001/250.52 mi-2

Local Area Statistics

Population in TQ2

34,088

Population in Torquay

65,319

Town centre distance

1.31 miles away

Nearest school

0.60 miles away

Nearest train station

0.62 miles away

 

 

Rental demand

Landlord's market

Rental growth (12m)

+30%

Sales demand

Buyer's market

Capital growth (5yrs)

+28%

Property History

Listed for £160,000

April 25, 2024

Floor Plans

Description

  • Purpose Built Flat +
  • In need of some modernisation & refurbishment +
  • Situated in Torquay +
  • 2 Bedrooms +
  • Good size Lounge/Dining Room +
  • Superb Sea Views stretching across to Paignton +
  • Balcony with views over communal gardens and superb sea views +
  • Kitchen +
  • Bathroom/W.C +
  • Allocated Parking Space +

Situated in Torquay, being conveniently situated, with access to the main Torquay town centre, as well as the popular Torquay seafront and promenade with the good selection of restaurants and bars.

The property is a purpose built flat on the 3rd floor of the building, with a communal lift and stairs leading up to the flat. There is a complex of around 51 apartments within 2 blocks, with a range of communal facilities including a meeting room, laundry room with payable washer/dryers and workshop and storage room.

The flat is now in need of some updating and refurbishment, and offers a lounge with dual aspect, enjoying sea views and having a balcony looking over the well maintained communal gardens.

There is a fitted kitchen, together with 2 bedrooms - both of which have sea views and a bathroom/w.c

The flat has gas central heating and has the benefit of the heating and hot water being included within the management charges of the flat.

There are well maintained communal lawned grounds, together with a residents underground garage area, which this flat has a space allocated.

This property is now offered for sale with no onward chain.

Council Tax Band: B (Torbay Council)
Tenure: Leasehold
Leasehold with a 999 year lease from 1983
The building is managed by Crown Property Management, Torquay
From 1/1/2024 Management Service charge £2,533.70 for 12 months.
Ground Rent £15 for 12 months from 1/1/2024

Agent Details

Amanda Ayshford Estate Agents, Paignton

01803 222387

Next Steps?

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