Webbers Property Services says ..

Property Oracle says ..

This property in Ilfracombe, Devon, presents a unique investment opportunity. The listing details describe it as a block of garages and workshops with an accompanying garden, totaling 0.28 acres. The property includes approximately 28 units, the majority of which are tenanted, producing an annual income of about £30,000. The photographs reveal a mixed condition. While some units appear to be in relatively good shape externally, the internal images suggest a need for renovation and modernisation. The overall condition ranges from acceptable to run-down, depending on the specific unit. Several units feature basic, outdated fixtures and fittings. There is a substantial garden, shown in pictures to be quite overgrown but with potential for improvement. The property’s location within Ilfracombe offers potential advantages due to its proximity to amenities, schools and the town centre, though more precise location details are needed to thoroughly assess this aspect. The lack of provided square footage data prevents a clear comparison of the list price (£360,000) with local market rates. Overall, the property could appeal to investors seeking rental income or those planning redevelopment of the buildings or land, but would require a significant upfront investment in renovation and upgrades. The investment may be worthwhile given the income it currently generates and the potential for improvement, but a full survey and detailed financial analysis are recommended before any purchase.

Therefore, we give this property 6 / 10. *Disclaimer: This is our option and does constitute a recommendation or financial advice. Do your own research. *

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