Commercial Property For Sale
Location:
Reading, considered to be the capital of the Thames Valley, is a large affluent town in the county of Berkshire. Situated 38 miles west of Central London, 25 miles south of Oxford and 18 miles North of Basingstoke. Reading is the region’s main commercial centre and the focal point for economic growth along the M4 corridor.
Reading has also benefitted from Crossrail, with access to Bond Street in 53 minutes, Liverpool Street 61 minutes and Heathrow airport 28 minutes. It is predicted that the opening of the line will further enhance the town’s position as one of the South East’s main transport hubs.
Situation:
The town’s value-led retailing is located within Broad Street Mall at the western end of Broad Street on Oxford Road, with its primary entrance opposite the subject properties. The centre comprises approximately 400,000 Sq ft and is anchored by TK Maxx and Wilkinson’s. Other key retailers include Argos, Pure Gym, Metro Bank, Poundland, New Look, Footlocker and Superdrug
Description: The McIlroy Department Store is one of Reading’s most historic landmarks, the property once known as the ‘Crystal Palace of Reading’ was built in 1903. In 1955 the Department Store ceased trading and has subsequently been split into well configured retail units arranged over ground and basement floors. Numbers 10/12 &14/16 sit to the beginning of the parade with adjacent occupiers including: Corals, Tesco, BHF & Sue Ryder.
User:
We believe the premises fall under Class E of the Town & Country Planning (Use Class) (Amendment) Order 2005.
Accommodation:
The property offers the following (NIA) approximate dimensions: -
| 10-12 Oxford Road (The Food Court) | 14-16 Oxford Road (Creams) | |||
| Sq Ft | Sq M | Sq Ft | Sq M | |
| Basement | 0 | 0 | 1024 | 95.13 |
| Ground Floor | 2735 | 254.08 | 2772 | 257.53 |
| Total | 2735 | 254.08 | 3769 | 352.66 |
Tenancy Schedule:
It should be noted that Creams have been in occupation 2014, initially on a sub lease, and was granted a direct lease with the landlord in 2021.
Terms: Offers are invited in the region of £1,710,000 for the long leasehold interest. A purchase at this level would reflect a net initial yield of 7.08% after allowing for purchaser’s standard costs of 5.89%.
The properties may be available separately.
10-12 Oxford Rd £780,000
14-16 Oxford RD £930,000
Tenure
Long leasehold – approx. 998 years unexpired at a peppercorn rent.
EPC:
Energy performance certificate has rating of B(33) for 10-12 Oxford Rd & B(26) for 14-16 Oxford Rd. A copy of the EPC is available upon request.
Legal Fees:
Each party to bear their own legal costs.
VAT
The property has been elected for VAT purposes. It is anticipated that the investment sale will be subject to VAT unless the sale can be treated as a Transfer of a Going Concern (TOGC).
Contacts:
| Huseyin Zafer 020 8222 9901 07918 482210 h.zafer@willmotts.com | Emily Bradshaw 020 8222 9947 07920 769395 e.bradshaw@willmots.com | Varol Zafer 020 8222 9946 07900 224967 v.zafer@willmotts.com | Shahid Sadiq 020 8222 9945 07961 410931 s.sadiq@willmotts.com |