Oxford Road, Reading, RG1

££1,900,000 Offers in the region of

Commercial Property For Sale

Location:
Reading is a large historic town situated in Berkshire on the River Thames, 70 miles east of Bristol, 25 miles south of Oxford and 40 miles west of London. The town benefits from good road communications being on the A33, at its junction with the M4 Motorway (Junction 11). Reading Rail Station provides frequent rail services to London Paddington (fastest journey time 23 minutes). The property is situated on the north side of Oxford Road, close to its junction with the pedestrianised Broad Street in the Town Centre. Occupiers close by include Metro & TSB Banks, Iceland, Poundland, Caffe Nero, Taco Bell, KFC, Sports Direct, Paul & Halifax amongst many others

Description:
The McIlroy Department Store is one of Reading’s most historic landmarks, the property was built in 1903 and in 1955 the Department Store ceased trading. It has subsequently been split into well configured retail units arranged over ground and basement floors. Parts of the parade have been sold off on long leases, whilst numbers 22-34a are retained and let out. The Property includes a vacant basement under 28-34A, which presently has no access, however could in future have an access created (subject to existing leases and all necessary consents).

User:
We believe the premises fall under Class E (with extraction) & Sui Generis use of the Town & Country Planning (Use Class) (Amendment) Order 2005.

Tenure:
Freehold subject to the existing leases.

Accommodation & Tenancy Schedule:
The property offers the following (NIA) approximate dimensions:

AddressTenantFloor/UnitSq MSq FtLease ExpiryRent
22-26 Oxford Road British Heart Foundation Ground Floor 479.19 sq m5,158 sq ft10.08.2027£100,000 p.a.
Basement 528.33 sq m5,687 sq ft
Subtotal1,007.52 sq m10,845 sq ft
28-34 Oxford Road Tesco Stores Ltd Ground Floor 343.27 sq m3,695 sq ft24.05.2035£69,000 p.a.
Basement 69.21 sq m745 sq ft
Subtotal412.48 sq m4,440 sq ft
34A Oxford Road The Feel Good Group Ltd t/a The Tanning Shop Ground Floor 85 sq m915 sq ft08.04.2029£22,000 p.a.
28-34A Oxford Road VacantBasement (Presently No Access)399.94 sq m4,305 sq ft

6 - 8 Oxford Road James Hay Pension Trustees Limited Retail Unit 


Peppercorn
10-12,14-16 & 20 Oxford Road Brar Reading Properties Ltd Three Retail Units 


Peppercorn
18 Oxford Road Jada Properties Ltd Retail Unit 


Peppercorn
Residential Units Oxford House Management Co Ltd  Residential Units 


Peppercorn
First Floor Unit Reading Real Estate (UK) Limited First Floor Unit 


Peppercorn
58 Residential Units Various 58 Residential Units 


Peppercorn

Total1,904.9420,505 
£191,000


Total Rental Income:
£191,000 per annum

Terms:
Offers are invited in excess of £1,900,000 for the Freehold interest. A purchase at this level would reflect a gross yield of 10.05% and a Low capital value of £92.66 per sq ft.

EPC:
The premises afford the following Energy performance certificate ratings 22-26 Oxford Rd B(36) 28-34 Oxford Rd B(43) 34a Oxford Rd B(47) 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).

AML: In accordance with Anti-Money Laundering Regulations, 2 forms of identification & confirmation of the source of funding will be required from any successful Purchaser.  




Tenure: Freehold

Oxford Road, Reading, RG1
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No EPC available for this property

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Utilities

Electricity Ask Agent
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Rights and Restrictions

Private rights of way No
Public rights of way No
Restrictions Ask Agent
Parking Ask Agent

Risks

Flooded in last 5 years No
Flood Defenses No
Source of Flood Ask Agent

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Office Details

Willmotts Commercial
Willmotts Property Services Willmott House
12 Blacks Road
Hammersmith
W6 9EU

020 8748 6644
commercial@willmotts.com

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