Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
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.
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
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.