
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:
Address | Tenant | Floor/Unit | Sq M | Sq Ft | Lease Expiry | Rent |
22-26 Oxford Road | British Heart Foundation | Ground Floor | 479.19 sq m | 5,158 sq ft | 10.08.2027 | £100,000 p.a. |
Basement | 528.33 sq m | 5,687 sq ft | ||||
Subtotal | 1,007.52 sq m | 10,845 sq ft | ||||
28-34 Oxford Road | Tesco Stores Ltd | Ground Floor | 343.27 sq m | 3,695 sq ft | 24.05.2035 | £69,000 p.a. |
Basement | 69.21 sq m | 745 sq ft | ||||
Subtotal | 412.48 sq m | 4,440 sq ft | ||||
34A Oxford Road | The Feel Good Group Ltd t/a The Tanning Shop | Ground Floor | 85 sq m | 915 sq ft | 08.04.2029 | £22,000 p.a. |
28-34A Oxford Road | Vacant | Basement (Presently No Access) | 399.94 sq m | 4,305 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 | |||
Total | 1,904.94 | 20,505 | £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
No EPC available for this property
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Broadband & mobile data availability at Oxford Road, Reading, RG1
Address shown above is the closest found to the postcode, that has Ofcom data available
Mobile Coverage
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Utilities
Electricity | Ask Agent |
Water | Ask Agent |
Heating | Ask Agent |
Broadband | Ask Agent |
Sewerage | Ask Agent |
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 |