12 February 2025: Wednesday 12 February 2025 - 9:00am
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    Key features

    • Prominent Value-Add Office Investment Opportunity
    • 15,036 sq ft (1.396.84 sq m)
    • Multi Let to Three Tenants
    • WAULT of 6.21 Years to Expiry
    • Prominent Town Centre Location
    • Development/Conversion Potential (subject to consents)
    • Asset Management Potential Via Letting of Two Vacant Floors
    • ERV Approx. £400,000 per annum
    • Investment Let at £199,985 p.a. (9.52% GIY on Guide Price)
    • ERV Reflects 19.05% GIY on Guide Price

    Description

    Virtual Tour

    The property comprises a prominent office investment located in Central Reading with a number of value-add opportunities.

    Arranged across ground and three upper floors, the property provides 15,036 sq ft (1.396.84 sq m) of Grade A office accommodation and is currently multi-let to three tenants producing a total £199,985 per annum.

    The current let areas produce a strong income stream, with an attractive Weighted Average Unexpired Lease Term (WAULT) of 6.21 years to expiry.

    The ground and third floors are vacant, and therefore the property has evident asset management potential via the letting of these floors. The vacant areas comprise 7,537 sq ft (700.19 sq m) of accommodation and could be let as individual floors or sub-divided to provide smaller office suites. We consider the current Estimated Rental Value (ERV) of the property when fully let to be in the order of £400,000 per annum (£26.60 per sq ft).

    The property occupies a prime pitch fronting the arterial Queens Road, immediately to the south of the Oracle Shopping Centre and the prime retail pitch of Broad Street. The surrounding area is characterised by similar uses with some residential accommodation.

    Additional information

    Tenure

    Freehold

    Tenancy

    Please see the Tenancy Schedule below and legal pack for more information.


    A Virtual Tour is available

    Planning

    Whilst there are no extant planning consents. The property may be suitable for conversion to alternative uses, including residential. Subject to the existing leases and any requisite consents.

    Rent

    £199,985 per annum

    Notes

    We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).


    Please note, Savills have not inspected the property internally. All areas, plans, drawings and photographs are for illustrative purposes only and are not to be relied upon. Purchasers should make their own enquiries.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Accommodation / Tenancy Schedule

      Local information

      Reading is the capital of the Thames Valley and is one of the largest commercial centres in the South East outside of Central London.

      The Town has seen considerable investment in recent years, with a number of new office developments alongside other mixed-uses, and boasts a broad array of international occupiers and FTSE 100 businesses.

      Transport
      • Reading Station - 0.4 miles
      • Oracle Shopping Centre - 100m
      • Broad Street - 0.2 miles

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums