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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.
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