13 LUXURY HOLIDAY APARTMENTSABBEY SANDS | Torquay | Tq2 5FB

LONG LEASEHOLD INVESTOR OPPORTUNITY

FOR SALE

ON THE INSTRUCTIONS OF THE ADMINISTRATORS OF PALM COURT (TORQUAY) LIMITED, SARAH RAYMENT AND SIMON GIRLING OF BDO LLP AS AGENTS AND WITHOUT PERSONAL LIABILITY

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SUMMARYn Highly prestigious award-winning, mixed

use development in Torquay

n Premier location overlooking Tor Bay.

n Fully fitted apartments

n Two residential floors available for comprehensive ownership

n 199 Year leasehold

n Offers at £4,250,000 (Four million two hundred and fifty thousand Pounds) for the long leasehold interest subject to contract.

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ABBEY SANDSTorBay road Torquay | Tq2 5FB

LOcATIONThe property is located in Torquay, forming part of the main holiday resort area of Torbay known as the ‘English riviera’. The town has an award winning marina and inner harbour with pontoon berthing, clean beaches and enjoys a stunning coastline shared with the neighbouring resorts of Paignton and Brixham. The towns of Newton abbot and Totnes are situated inland to the north and west respectively and dartmouth on the river dart is situated to the south west of Torbay.

Torquay is located approximately 37km (23 miles) to the south of Exeter and 56km (35 miles) to the north east of Plymouth. a new link road, the South devon Highway allows quick access to Junction 31 of the M5 at Exeter with a direct rail service from Torquay to London Paddington linking with the national rail network at Newton abbot.

Torbay has a resident population of 130,959 (2011 Census) and this population is increased substantially by tourists during the summer months. unemployment in the area is 4.5% which is in line with the national average of 4.4% (March 2011).

SITUATIONabbey Sands is located fronting Torbay road (a379) which also fronts Torre abbey Sands, the principal town beach and Tor Bay. The main part of the town lies to the north and north west of the property whilst to the west is the public open space of Torre abbey Gardens, including the historic house and gardens of Torre abbey, its adjacent park and leisure area. The entire area surrounding the property is attractive and well-maintained.

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ABBEY SANDSTorBay road Torquay | Tq2 5FB

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DEScRIPTION designed by world class architect, Kay Elliott and constructed by Balfour Beatty, the abbey Sands development is undoubtedly the premier residential address in Torquay.

The beautiful design is influenced by the art deco style of the British Seaside with curving balconies and horizontal emphasis, resembling an ocean liner.

With breath-taking views of Tor Bay and a location fronting the beach at Torre abbey Sands, the development is close to the Marina and the town centre with easy access to all that Torquay has to offer.

abbey Sands provides the opportunity for a luxurious lifestyle accommodation combining the best of beachfront and urban living.

Built on ground and five upper floors, the 14 apartments on third, fourth and penthouse floors have been sold individually.

The entirety of the first and second floors is offered as a single investment opportunity.

The ground floor and a small part of the first floor has been let to four national food and drink operators, Bistro Pierre, Costa Coffee, Loungers group (trading as Visto Lounge) and Los Iguanas.

Car parking is on two levels with direct easy access from Shedden Hill road to the rear of the property. The lower level serves floors 1 & 2 with 13 spaces accessed via card-operated gates.

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SPEcIFIcATIONThe apartments are all completed to a very high standard. Generally each three-bed apartment includes two en-suite bathrooms, a family bathroom with one apartment having an utility area. Each two-bed apartment has one en-suite bathroom, a family bathroom but no utility.

The specification includes the following:

GENERALn amtico/Karndean floorsn Walnut veneer doorsn Symphony wardrobesn double glazed windows and sliding doors with excellent sound insulationn Centralised gas fired central heating/hot water systemn Telephone/TV/Cable points

KITCHENn Symphony premium fitted Kitchenn range of aEG appliance including double oven, induction hob

and full size dishwashern Bathrooms/Ensuiten Villeroy & Boch sanitary fittings n Porcelanosa tiled floor and full height tilingn Stone resin low level shower trays

Internal photographs are illustrative and are not necessarily representative of every apartment.

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ABBEY SANDSTorBay road Torquay | Tq2 5FB

AccOMMODATIONThe individual apartments provide the following approximate gross internal floor areas:

AccOMMODATION TYPEGROSS INTERNAL

AREA (Sq m)GROSS INTERNAL

AREA (Sq ft)

15

Second floor

Three bed 153 1,649

16 Two bed 91 976

17 Two bed 91 976

18 Two bed 91 976

19 Two bed 91 976

20 Two bed 91 976

21 Three bed 125 1,347

22

First floor

Two bed 91 976

23 Two bed 91 976

24 Two bed 91 976

25 Two bed 91 976

26 Two bed 91 976

27 Three bed 125 1,345

a range of floor plans and other documents is available for download onwww.gva.co.uk/10285

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ABBEY SANDSTorBay road Torquay | Tq2 5FB

TENURE The properties are offered as a single long leasehold for a term of 199 years.

Ground rent | £500 per annum per apartment.

Service charge is calculated on a per square foot basis. a schedule of service charges is available to download from the website on www.gva.co.uk/10285

PLANNINGThe building was built in accordance with the following two planning permissions:-

P/2011/1080 | “redevelopment of former Palm Court Hotel to provide a six storey building comprising: a3 [restaurant] use, ground floor and part first floor, 14 self-catering holiday flats with ancillary facilities part first and second floor, 14 private residential flats third, fourth and fifth floor…”

P/2013/0470 | “amendments to previously approved scheme (as above) to include: addition of residential and self-catering entrance to level 0 east core, omission of 1 bedroom self-catering apartment and increase in size of 1st floor commercial unit…”

a copy of the planning permissions and related documents are available to download onwww.gva.co.uk/10285

The property lies within a conservation area.

WARRANTYTen-year ‘Premier Guarantee’ warranties are available.

RATING & cOUNcIL TAX

TYPE TAX BAND PAYABLE 2016/17

Two bed E £1,911.93

Three bed F £2,259.56

EPcThe apartments all have an energy efficiency rating of B.

Energy Performance Certificates are available to download on www.gva.co.uk/10285

VATas the properties are holiday restricted apartments, VaT will be chargeable on the sale price.

PROPOSALour clients are seeking offers at £4,250,000 (Four million two hundred and fifty thousand pounds) exclusive of VaT for the long leasehold interest in the property subject to contract.

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DIScLAIMERThe property is being offered for sale on the instructions of the Administrators of Palm Court (Torquay) Limited being Sarah Rayment and Simon Girling of BDO LLP who act as agents of the Company and do so without personal liability. No warranties, representations or guarantees in any respect can be given as regards the accuracy of these particulars or otherwise.

GVA is the trading name of GVA Grimley Limited, conditions under which particulars are issued by GVA Grimley Limited for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are, give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchases or lessors and do not constitute, nor constitute part of, an offer or contract. (ii) all descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details, are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) no person in the employment of GVA Grimley Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property. (iv) all rentals and prices are quoted exclusive of VAT.

cONTAcTFor further information please contact:

ANDREW cAPEST 0117 988 5234M 07881 349989E andrew.capes@gva.co.uk

GEOFF GOODINGT 01803 296500E mail@johncouch.co.uk

ABBEY SANDSTorBay road Torquay | Tq2 5FB

08449 02 03 04 |

ABBEY SANDSTorBay road Torquay | Tq2 5FB

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08449 02 03 04 |

ABBEY SANDSTorBay road Torquay | Tq2 5FB

> click on plan to return to main text.