Lockdown 2.0 was no match for property buyers as viewings and sales across the region continued to exceed expectations. Once again, Torbay proved to be a fertile buying ground as the sale of the freehold of Torquay’s Palm Grove Hotel and accompanying residential development site sold as one to buyers for a guide price of £1.25m.
A Grand Victorian Villa
Situated along the leafy Meadfoot Sea Road in this highly sought-after area, this iconic villa is just a 5- minute walk from Meadfoot Beach and a short walk from the Harbour, and Torquay town centre. With such nearby access to the beach and nearby attractions and amenities, its prime location certainly helped with this high-interest sale.
While this beautiful property dates back to 1857, previous owners have overseen extensive and high standard refurbishment. But while retaining many original features, the hotel now has a contemporary finish throughout and across its 14 well-appointed, en-suite letting rooms.
Development opportunity
As part of the hotel sale, David and Anthony also purchased the freehold on a residential development opportunity. Formerly part of the Palm Grove Hotel, planning has been approved for conversion into two new homes – one as a 3-bedroom terraced mews and the other as a substantial, end-of-terrace 4-bedroom property with annexe.
With a combined 3,900 sq ft, each property covers three floors and feature private gardens and allocated parking.
On the sale, Charles Darrow Associate Director, James Sanders, commented: “From the day Palm Grove hit the market, we were inundated with enquiries with many attracted by the fantastic property on offer, and of course the beautiful setting just minutes’ walk from the beach ”. “The sale represents another prominent completion for the company in a challenging environment, showing plenty of appetite still remains for large hotels across Torbay”.
David Jenkins, Hotel and Leisure Consultant who has a particular focus on Torbay, comments: “It has been an absolute pleasure acting for the sellers and assisting David & Anthony with finding their perfect property- I wish them all the very best and looking forward to seeing their plans come to fruition”.