Dreadnought Update
For those unfamiliar, the Dreadnought is the former pub situated along the Thames between East Reading and Wokingham Waterside Centre.
Recently, this property, owned by first-year students at the University of Reading, was auctioned off for over double the initial guide price, fetching £424,000!
However, it seems the successful bidder has failed to secure the deposit, so the property will be re-auctioned.
Steve Berry shared his thoughts on Facebook after considering placing a bid:
“It’s back up for auction at the end of the month. I wouldn’t be surprised if it was relisted once the buyer recognized the numerous obstacles involved.”
“According to the agent, the failure to provide a deposit is why it’s being relisted.”
“This illustrates what happens when someone conducts thorough due diligence post-auction.”
“I mean, you wouldn’t bid £424,000 without having the necessary funds.”
“When you factor in an additional £30,000 for second property stamp duty along with solicitors’ and auction house fees, you’re already looking at around £460,000.”
“With a sitting tenant on the first floor, an EPC rating that needs to improve from a G to a D (and soon to a C), another tenant locked in until 2027 with the canoe club, no parking available, and limited access.”
“I was genuinely surprised when it sold for £424,000. Realistically, considering all the restrictions, I would have valued it at around £200,000.”
“It will be interesting to see how bidders assess its value this time.”
“The silver lining for those who missed out during the last auction is that they’ll have another chance.”
It sounds like the Dreadnought property has had quite the rollercoaster ride! It’s interesting to see how quickly things can change in the auction world. The hurdles mentioned, such as the ongoing tenancies and the EPC rating, definitely add layers of complexity that potential buyers need to consider. It’s good that the auction will be open again for those who were interested but missed out the first time—hopefully, the next bidders will be more prepared! It’ll be fascinating to watch how much it goes for this time around. Do you think the interest will stay high, or will the challenges lower the bids?