11 bedroom block of apartments for sale

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11 bedroom block of apartments for sale

The Riviera, Paignton, Devon, TQ4
£1,550,000

Price History

Initial price £1,800,000
14/05/25 £1,500,000
15/05/25 £1,550,000
Price Change -13.89%

Description

This newly refurbished residential property offers 11 self-contained supported living units, providing specialist accommodation for vulnerable adults with learning disabilities, mental health challenges, and acquired brain injuries. Located near the Esplanade and town centre, the property features communal areas, staff rooms, and large garden spaces. The property is let on a 20-year FRI lease to Inclusion Homes CIC, with annual CPI-linked rent increases, and currently generates an annual passing rent of £131,560. The freehold property is being sold with a guide price of £1,550,000, reflecting a net initial yield of 8% and a low capital value of £247 per sq ft.