20 September 2023: Wednesday 20 September 2023 - 9:00am
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    Key features

    • Institutional Grade Residential Investment
    • Block of 11 Flats
    • Management Agreement with South Devon Rural Housing Association (D&B - 2A3)
    • Agreement Expires 01/05/2038 - Circa 15 Years Unexpired
    • Passing Guaranteed Rent - £84,559 per annum
    • Estimated Uplift to £91,273 in April 2024
    • Annual Index Linked Rent Reviews (CPI +1%)
    • Development Completed in 2018
    • Large Rear Car Park
    • Established Residential Location
    • Current Income Reflects a Gross Yield of 8.45% on Guide Price
    • Predicted Income Reflects a Gross Yield of 9.13% on Guide Price

    Description

    The property comprises a block of 11 flats set within a former school building. The conversion was completed in 2018 and consists of 3x one bedroom flats and 8x two bedroom flats. The property sits on a site of approximately 0.28 acres and includes a large car park to the rear accessed from East Street (11 spaces).

    Internally, the property provides accommodation over ground, first and second floors with several units providing split level accommodation across first and second floors.

    Please see the below schedule of accommodation for unit areas.

    Additional information

    Tenure

    Freehold.

    Tenancy

    The property is managed by South Devon Rural Housing Association (SDRHA) under a management agreement expiring 01/05/2038 (approximately 15 years unexpired) providing a guaranteed rent to the Landlord of £84,559 per annum. The agreement provides for annual index linked rent reviews in line with the Consumer Price Index (CPI) plus 1%.


    Current CPI projections indicate that in April 2024 the guaranteed rent will increase to approximately £91,273 per annum. Whilst the review of the rent is in April, the review is based on CPI calculations from September. Based on available figures (up to July 2023) the rental increase would be to £90,259 per annum


    Please consult the legal pack for more information.


    SDRHA represent a strong covenant with a Dunn & Bradstreet rating of 2A3. They operate in excess of 350 units across Devon and Cornwall.

    Rent

    £84,559
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Accommodation / Tenancy Schedule

      Local information

      The property is situated witha frontage to George Place, a quiet street to the west of Plymouth City Centre with a mix of residential and commercial use. The property also enjoy access from East Street, which provides access to the rear car park.

      The property is approximately 0.2 miles north of King Point Marina and 0.5 miles west of the amenities of Central Plymouth.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums