Reed Lodge, 11 Reed Vale, Teignmouth, Devon TQ14 9EH

An attractive freehold investment of six let flats and a detached block of two garages, let separately, on a private gated site in the popular coastal town of Teignmouth, currently producing a gross rental income of approximately £64,300 per annum. Current estimated rental value of approximately £71,400 per annum.

Reed Lodge is set in Reedvale, a residential road within walking distance of Teignmouth town centre, the railway station and the seafront.

The site comprises 2 residential buildings and a detached garage block. The main building was converted and refurbished between 2007 and 2009 to provide 4 flats (Flats 1 to 4) over lower ground, ground and first floors. The second building was purpose built in 2016/17 and provides 2 modern 2 bedroom flats (Flats 5 and 6), each with an open plan living space, an ensuite to the master bedroom and a full width balcony.

Each flat has its own front door, own gas boiler and separate gas and electricity supplies.

We understand drawings have been prepared to reconfigure Flat 4 to 3 bedrooms, together with planning for a new garden entrance to Flat 1.

Land Registry compliant plans have already been prepared for each flat. Together with own entrances, boilers and services, this should make for a straightforward break-up,

Tenancy details and the rent schedule will be available in the legal pack.

Auction Details

The sale of this property will take place on the stated date by way of Live streamed auction and is being sold under the Unconditional sale type.

Binding contracts will be exchanged at the point of sale.

All sales are subject to our Common Auction Conditions and Bidder Terms. Properties located in Scotland and Northern Ireland will be subject to applicable local laws.

Auction Deposit and Fees

The following deposits and non-refundable auctioneers fees apply, and are payable immediately upon exchange of contracts:

• 10% deposit (subject to a minimum of £5,000)

• Buyer’s Fee of £2,700 inc. VAT

There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.

Additional Information

For full details about our auction processes, please refer to the Bidder Terms which can be viewed on our home page.

This explains the types of auction and sale methods we offer, the bidding registration process, your payment obligations, and how to view the Legal Pack (and any applicable home report for residential Scottish properties).

Guide Price & Reserve Price

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.