Summary
Vacant retail unit and tenanted office investment available for sale in central Reading
Location
Presently the property comprises a 2 storey retail warehouse, known as 71-73 Caversham Road, with a service yard and car parking area situated on the eastern part of the site fronting Caversham Road, together with 2 no. detached 2.5 storey attractive office buildings, known as The Brewery and The Malthouse, with further car parking space situated on the western part of the site.
The propertys retail warehouse is currently used as the locally famous Drews Ironmongers whilst its office buildings are fully let to office tenants.
The property is bordered by Caversham Road at its eastern boundary, Northfield Road at its northern boundary, a development of 3 storey flats known as Monmouth Court at its western boundary and a retail warehouse currently used as a gym at its southern boundary.
Vehicle and pedestrian access to the property is achieved from Northfield Road whilst the retail warehouse also has pedestrian access from Caversham Road.
Description
Presently the property comprises a 2 storey retail warehouse, known as 71-73 Caversham Road, with a service yard and car parking area situated on the eastern part of the site fronting Caversham Road, together with 2 no. detached 2.5 storey attractive office buildings, known as The Brewery and The Malthouse, with further car parking space situated on the western part of the site.
The property’s retail warehouse is currently used as the locally famous Drews Ironmongers whilst its office buildings are fully let to office tenants.
The property is bordered by Caversham Road at its eastern boundary, Northfield Road at its northern boundary, a development of 3 storey flats known as Monmouth Court at its western boundary and a retail warehouse currently used as a gym at its southern boundary.
Vehicle and pedestrian access to the property is achieved from Northfield Road whilst the retail warehouse also has pedestrian access from Caversham Road.
Accommodation
The property provides the following existing accommodation:-
Drews 71-73 Caversham Road (Retail warehouse): 1,010.30 sq m (10,875 sq ft) Gross Internal Area
The Brewery (Offices): 245.40 sq m (2,641 sq ft) Net Internal Area
The Malthouse (Offices): 129.60 sq m (1,395 sq ft) Net Internal Area
Externally: Car parking and yard/loading space
Total Site Area: 0.159 hectares (0.393 acres)
Tenure
The property will be sold freehold with the occupancy position being as follows:
Drews, 71-73 Caversham Road:
Vacant
The Brewery and The Malthouse:
Both Let to Coffey International Development Limited (under 2 separate leases dated 28th September 2017) for 10 years from 5th February 2018 at a total combined passing rent of £XXX per annum. Rent Reviews dated 5th February 2021, 2024 and 2027. Tenant Break Clauses on 4th February 2021. Tenant’s FRI obligations.
Copies of both leases are available upon request.
Energy Performance Asset Rating
The Brewery & The Malthouse: C:74
Drews, 71-73 Caversham Road: C:73
Business Rates
The property lies within the administrative authority of Reading Borough Council (the Rating Authority) and is shown in the Valuation List as having a total Rateable Value of £XXX which is broken down as follows:
Drews, 71-73 Caversham Road: £XXX
The Brewery and The Malthouse: £XXX
VAT
The property is elected for VAT. Therefore VAT will be payable on the purchase price.
Planning
The property has no significant planning application history.
Having regard to local and national planning policy, the property holds obvious potential to be redeveloped to residential or some other alternative use, either as a whole or in part.
The property’s existing office buildings also hold potential to be converted to residential use under Permitted Development Rights.
Any planning related queries should be directed to the Local Planning Authority: Reading Borough Council.
Method of Sale
The property’s freehold interest is offered for sale by way of informal, non-binding tender with the vendor reserving the right not to accept the highest or any offer and also reserving the right to withdraw the property from sale or to vary the method of sale at any time without notice.
The property is offered as a whole and/or as individual Lots as follows:
Lot 1: Drews, 71-73 Caversham Road (Vacant retail warehouse).
Lot 2: The Brewery and The Malthouse (Fully let offices).
Written offers for the property are invited by 12 Noon Wednesday 12th December 2018.
Full information on the Method of Sale can be found within the particulars of sale.
Technical Information Pack
A copy of the Technical Information Pack can be downloaded from Haslams Surveyors LLP’s website. Please visit www.haslams.co.uk.
The Information Pack includes:
1.Land Registry Freehold Title and Title Plan.
2.Leases on The Brewery and The Malthouse.
3.Energy Performance Certificates.
Viewing And All Other Enquiries
All enquiries should be directed to the vendor’s sole agents.
Viewings of the property are strictly by appointment only.
Access to the property during viewings will be available via its entrance from Northfield Road.
Please note that parties must not enter the property outside the viewing times without our prior authority and any inspection of the property is at the prospective purchaser’s risk.
Access to the internal parts of The Brewery and The Malthouse will not be available during viewings.