Castle Circus House, Union Street, Torquay, Devon, TQ2 5QG

Description

Providing office accommodation over basement, ground, first, second and third floors. Comprises 35 separate office suites. Let on multiple tenancies providing asset management opportunities. VAT is not applicable.

Accommodation

Total accommodation of approximately 1,542.9 sq m (16,608 sq ft), comprising 35 separate office suites over basement, ground, first, second and third floors.

Location

Torquay is situated 25 miles south of Exeter and 35 miles east of Plymouth at the junction of the A380 and A385. The property is situated on the west side of Union Street close to its junction with Castle Circus. It is 0.8 mile from Torquay & Torre Railway stations, which provide direct services to Exeter St David's from 33 minutes. Nearby occupiers include McDonald's, Connells, Haart, British Heart Foundation, MyDentist and NatWest.

Tenure / Property Information

Investment Analysis

The £805,000+ guide is not a formal valuation. No completed sales, rental comparables, passing rent, tenancy schedule, EPC or detailed fee information has been supplied, so market value, income yield and refurbishment economics cannot be reliably established. The property is a substantial freehold office investment of approximately 16,608 sq ft over five floors, divided into 35 suites and occupied under multiple tenancies. WBW Solicitors and Pearson Professional Assessments Limited are identified as anchor tenants with leases expiring in 2035 and 2032 respectively, but no rents, review provisions, break clauses or covenant information are provided.

Investment Snapshot

Strategy Recommendation

Do not set a bid or pursue a refinance/flip strategy until the full rent roll, leases, tenant covenants, operating costs, condition information and independent valuation evidence are obtained. If verified income supports the price, consider a hold-and-asset-management strategy.

Works Required

No specific physical defects or refurbishment requirements are evidenced. Before bidding, inspect the basement and all office floors and obtain condition, compliance, maintenance and services information. The evidenced opportunity is primarily tenancy and asset management across the 35 suites rather than a defined refurbishment project.

Rental & Market Context

Potential BRRR Position

A BRRR analysis is not supportable from the supplied evidence. There is no evidenced refurbishment budget, income figure, market value, financing cost or refinance valuation. The long lease expiries identified for the two anchor tenants may support income continuity, but their rents, breaks, reviews and covenants are unknown.

Buy-to-Let Analysis

A yield cannot be established because no passing rent, rent roll, rent schedule or sufficiently specific rental evidence has been supplied. The multiple-tenancy structure may provide asset management potential, but income, occupancy, lease terms and operating costs must be verified before assessing returns.

Flip Analysis

A flip analysis is not supportable. No completed sales or office valuation evidence has been provided, and no works budget or selling-cost allowance is available. The guide price cannot be treated as GDV.

Investor Risks & Due Diligence

• No passing rent or tenancy schedule has been supplied, preventing yield and income valuation analysis.

• The property is let on multiple tenancies across 35 suites, creating management and occupancy complexity.

• Lease terms, rents, reviews, break clauses and tenant covenant strength are not provided for the identified anchor tenants.

• No condition, compliance, EPC, heating or maintenance information has been supplied.

• Additional seller or third-party charges may apply and are not quantified.

• The auction guide is not evidence of market value.

Recommendation

Do not set a bid or pursue a refinance/flip strategy until the full rent roll, leases, tenant covenants, operating costs, condition information and independent valuation evidence are obtained. If verified income supports the price, consider a hold-and-asset-management strategy.

Strategy Rating

Analysis Confidence

The property description, tenure, occupancy structure, floor area and two anchor lease expiry dates are supplied, but there is no passing rent, rental evidence, valuation evidence, condition assessment, EPC, operating-cost data or complete fee schedule.