| Location |
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With the opening of the Oracle Shopping Centre some years ago Reading is now ranked within the top ten retail centres in the country. Reading’s traditional centre for retailing, Broad Street, has flourished with the increase in retail visitors to Reading and is, to many, still the prime shopping location boasting many of the key stores including the John Lewis Partnership and Marks and Spencer.
Cross Street is a short pedestrianised street running between Broad Street and Friar Street and occupiers include Marks and Spencer and Fat Face.
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| Description |
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The investment offered comprises an attractive brick property on ground and basement floors plus two upper floors. The basement has a ceiling height of 2.46m / 8’ 1” and is largely dry. The entire property is generally in excellent decorative order.
The adjoining matching properties have additional mansarded floors.
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| Accommodation |
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The property has a single front door leading to both the ground floor and the upper floors.
The internal frontage is 5.2 m / 17’ 1”.
Shop (A2)
Shop area 28.15 sq m 303 sq ft (ITZA 272)
Kitchen .... 8.45 sq m ..91 sq ft
plus Male and Female WCs
Basement .30.38 sq m 327 sq ft
First Floor
Two offices 34.56 sq m 372 sq ft
Second Floor
Two offices 31.59 sq m 340 sq ft
Small yard .. 8.55 sq m 92 sq ft
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| Development Potential |
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We are of the opinion that there is potential to substantially increase the shop area on the ground floor, create flats on the upper floors and possibly a mansarded flat.
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| Tenure |
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Freehold
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| Tenancy |
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The entire property is let to Haslams Estate Agents Limited on a full repairing and insuring lease, subject to a schedule of condition, for a term of 15 years from 19 November 1999 with 5 yearly upward only rent reviews. The tenant has an option to break on 18 November 2009 subject to no less than six months notice. The next rent review is on 19 November 2009. The lease expires on 18 November 2014.
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| Rent |
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The current rent is £22,750 per annum exclusive.
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| Covenant |
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This property is occupied by the residential lettings department of Haslams Estate Agents Limited, which was incorporated in 1994. The main Haslams practice was established in 1838 Please see www.haslams-online.co.uk for further information.
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| Proposal |
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Our clients are seeking offers in the region of £425,000 subject to contract for this rarely available town centre freehold investment with potential for development.
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| Status |
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Sold
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| Viewing |
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For
further information or an appointment to view please contact:
GEORGE
CHILVERS or NICK BERESFORD-OWEN
CHILVERS PAGE
Tel: 0118 958 0656
www.chilverspage.co.uk
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