Summary
The property comprises a ground and lower ground floor retail unit with offices on the first floor, and residential flat on the second and third floors.
The ground and lower ground floor retail unit is occupied by Sapana, a Nepalese restaurant. The first floor office benefits from kitchen, WC’s and a shower room.
The upper floors have the potential to be converted to residential subject to planning permission.
Key Points
- Freehold investment opportunity
- Vacant possession possible Q4 2024
- Prominently located on main thoroughfare to town centre from Reading Station
- Nearby occupiers include: Greggs, Tui, HSBC and John Lewis
Terms
The Freehold interest is available for sale at a price of £695,000 plus VAT. The intention is to sell the property as a Transfer of Going Concern (TOGC).
Lease Summary
The property generates a total rental income of £38,000 pa exclusive of all other costs. It is let on an Internal Repairing and Insuring basis for a term of 10 years expiring September 2024, contracted outside the Landlord & Tenant Act with the landlord responsible for building maintenance costs.
A copy of the lease document is available on request.
Business Rates
The Rateable Values for the property are as follows:-
1st Floor - £5,700
Grd & Lwr Grd Floor - £22,500
Legal Costs / VAT
Each party to bear their own legal costs.
Prices are quoted exclusive of VAT which will be charged in addition.
Viewing & Further Information
Please contact the sole agents for further information or an appointment to view.
Council Tax
The second and third floors are chargeable for Council Tax under Band C.
Location
The premises are situated in a prominent location in the pedestrianised Queen Victoria Street which is the main thoroughfare from Reading Station to Broad Street and the Oracle Shopping Centre. Retailers in proximity to the unit include; Greggs Bakery, Tui, HSBC, John Lewis, WH Smith, Boots and many other multiple retailers.