By supportberkshire.uk 
The Dreadnought Update
For those unfamiliar, the Dreadnought is the historic pub located along the Thames between East Reading and the Wokingham Waterside Centre.
Recently auctioned off, the property was bought by first-year students from the University of Reading for an impressive £424K, which was more than double its guide price!
However, it seems the successful bidder has failed to provide the required deposit, leading to a re-auction of the property.
Steve Berry posted on Facebook, sharing his thoughts on the situation:
The Dreadnought will be back up for auction at the end of the month. I wasn’t entirely surprised when it reappeared, as I figured the buyer would discover the numerous challenges involved.
The agent confirmed that since the buyer didn’t put down the deposit, it’s being relisted.
This scenario often unfolds when potential buyers take a closer look after the auction.
It’s hard to believe someone would bid £424K without having the necessary funds.
When you factor in an additional £30K for second property stamp duty, plus solicitor and auction house fees, you’re looking at around £460K.
With a tenant already residing on the first floor and the need to upgrade the EPC rating from G to D (soon to be C), plus another tenant in the canoe club until 2027, no parking, and limited access, it’s quite the investment.
I was taken aback when it sold for £424K; given all the restrictions, I would have valued it closer to £200K.
It will be interesting to see how bidders assess its value this time around.
On the bright side, anyone who missed the chance to bid last time will have another opportunity to get involved.
Check out the auction site here!
It sounds like quite the situation with the Dreadnought! It’s always surprising to see properties go for such high prices, especially when there are so many hurdles involved. Steve Berry makes some solid points—due diligence is crucial before bidding on something like this, and it’s a shame for the unwitting buyer who seems to have jumped into the deep end without checking the water first.
With all those restrictions and expenses, re-auctioning could put it back in a more realistic price range. It’s definitely an opportunity for others who were interested before, and I wonder how this will change the bidding dynamics this time around. I guess it just goes to show that sometimes a property that looks appealing at first glance comes with a lot of hidden challenges! I’ll be curious to see how it all unfolds at the next auction.