SITUATION & AMENITIES
The property is situated in the port and market town of Bideford which sits on the banks of the River Torridge and offers a wide range of amenities including various shops, butchers, pubs, restaurants, cafes, places of workshop, schooling for all ages (public and private) and five supermarkets. Atlantic Village shopping outlet and retail complex is also nearby and offers a range of popular brands such as Nike and Starbucks to name a couple. There is also access to the Tarka Trail which affords superb walks and cycle rides that extend beyond Torrington and Barnstaple. The renowned coastal town of Westward Ho! benefits from a three mile long safe and sandy beach which joins Northam Burrows Country Park and The Royal North Devon Golf Course, which is reputed to be the oldest links course in England. There are also a good range of amenities for its size, as well as access to the South West coastal footpath which affords excellent walks and stunning vistas of the rugged North Devon coast line.
The regional centre of Barnstaple is approximately 10 miles away and offers all of the areas main business, shopping and commercial venues. There are also good transport opportunities via the A361 Link Road which connects the motorway network at Junction 27 of the M5 motorway or via the Rail and Tarka Line.DESCRIPTION
An opportunity to acquire this handsome period residence located in the heart of the historic port and market town of Bideford. The Torridge comprises of a substantial Victorian three storey property which presents white colour washed rendered elevations beneath a slate tiled roof. We understand that the property was built in early 19th Century and was formally a public house before it ceased trading in 1989. Due to it's characterful and prominent position in 1970 The Torridge was Grade II listed for historical importance. The property has been owned by the same owner since 1990 and in the early 1993 was converted into eight residential apartments which have been rented out since, with the longest serving tenant living in one of the apartments since 1995. On the ground floor, there is a communal entrance and laundry facilities with a two bedroom apartment and a one bedroom apartment. On the first floor there is three, one bedroom apartments and on the second floor a further three one bedroom apartments, with views over the estuary and countryside beyond, from the higher apartments located at the rear of the property. There is a basement with communal bin, recycling stores and further storage area for bikes etc.PLANNING POTENTIAL & THE BUSINESS
There appears to be potential for the following scenarios;
1. For the apartments to be sold off individually on long term leases.
2. To convert some of the one bedroom apartments into two bedroom luxury apartments, to be rented or sold off individually on long term leases.
3. Renovate and let out as serviced apartments or holiday accommodation.
All of these scenarios would be subject to obtaining satisfactory planning consent.
The property is currently run as a residential investment with all eight apartments let on Assured Short Hold Tenancies (AST). The tenants are generally long standing and would ideally like to remain in residence, subject to the purchasers requirements. The property currently produces an income of around £40,000 per annum, furthermore the there may be potential to run the building as holiday lets instead or a combination of either AST's or holiday lets.
The accommodation is more clearly identified on the accompanying floorplan.SERVICES
All mains services. EPC Exempt.DIRECTIONS
From Bideford Quay, with the River Torridge on your left hand side, proceed towards Torrington. Go right at the roundabout, onto Torridge Hill, head up the hill where the property can be found on the right hand side, before the road sharply bends left.