Havell House 62-66 Queens Road Reading Berkshire RG1 4AZ
Havell House 62-66 Queens Road Reading Berkshire RG1 4AZ
Freehold Multi-Let Office Investment
Majority Let to Transform Medical Group (CS) Limited on a 10 Year Lease until 2019, tenants also include Optical Express Limited and IT Talent Solutions Limited
Modern five storey office building constructed in 2000
Established town centre office area
On-site car parking for 11 cars
Six Week Completion
Lot 21
Auction 22nd May 2014
Rent £131,512 per Annum
Status Sold
Price £1,350,000
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Majority Let to Transform Medical Group (CS) Limited on a 10 Year Lease until 2019, tenants also include Optical Express Limited and IT Talent Solutions Limited
Modern five storey office building constructed in 2000
Established town centre office area
On-site car parking for 11 cars
Six Week Completion
Lot 21
Auction 22nd May 2014
Rent £131,512 per Annum
Status Sold
Price £1,350,000
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On instructions from Thames River Capital
Property Information
Location
Miles
42 miles west of London, 25 miles south of Oxford
Roads
A33, A3290, M4 (Junction 11)
Rail
Reading Rail Station
Air
London Heathrow Airport
Situation
Queens Road forms part of the inner ring road around Reading Town Centre. Havell House is situated in a prominent position on its south side immediately to the south of the Oracle Shopping Centre and close to its junction with Sidmouth Street.
Tenure
Freehold.
Location
Miles
42 miles west of London, 25 miles south of Oxford
Roads
A33, A3290, M4 (Junction 11)
Rail
Reading Rail Station
Air
London Heathrow Airport
Situation
Queens Road forms part of the inner ring road around Reading Town Centre. Havell House is situated in a prominent position on its south side immediately to the south of the Oracle Shopping Centre and close to its junction with Sidmouth Street.
Tenure
Freehold.
Description
The property comprises a modern specification 5 storey office building constructed in 2000. It has VRV air conditioning with floor by floor control, an 8 person passenger lift, suspended ceilings with category 2 lighting, full access raised floors and double glazing with opening windows. The property also benefits from 11 car parking spaces to the rear.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and may be asked to provide identification on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a modern specification 5 storey office building constructed in 2000. It has VRV air conditioning with floor by floor control, an 8 person passenger lift, suspended ceilings with category 2 lighting, full access raised floors and double glazing with opening windows. The property also benefits from 11 car parking spaces to the rear.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and may be asked to provide identification on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews/(Reversions)
Lower Ground
D1 Clinic/ Consulting Rooms
168.62 sq m
(1,651 sq ft)
OPTICAL EXPRESS LIMITED (1)
10 years from 10/02/2014 until 09/02/2024 (2)
£38,617
10/02/2019
Ground and First
Office
349.32 sq m
(3,760 sq ft)
TRANSFORM MEDICAL GROUP (CS) LIMITED (3)
10 years from 31/07/2009
£65,000
31/07/2014 (30/07/2019)
Second
Office
185.53 sq m
(1,997 sq ft)
VACANT
Third
Office
148.09 sq m
(1,594 sq ft)
IT TALENT SOLUTIONS LIMITED (4)
5 years from May 2014 (5)
£27,895
(May 2019)
Totals
851.56 sq m
(9,166 sq ft)
£131,512 (6)
(1) Optical Express Limited are a leading healthcare services provider and the number one provider of laser eye surgery in the UK. They employ over 2000 staff at over 100 locations across the UK and Europe. (Source: www.opticalexpress.com 23/04/2014). (2)The lease provides a tenant’s option to determine the lease on 10/02/2019. Please refer to lease for further details. The rent is inclusive of the service charge and the tenant benefits from half rent until 09/02/2016. Please refer to the legal pack for further details of the service charges. (3)Established in 1974 Transorm Medical Group are one of the leading providers of cosmetic surgery in the UK. For the year ending 30/09/2102, Transform Medical Group reported a turnover of £39,605,000, a pre-tax loss of £1,017,000 and a total net worth of £7,606,000. (Source: www.riskdisk.com 23/04/2014). (4)IT Talent Solutions are a rapidly expanding specialist IT Recruitment Consultancy established in 2004. They offer tailored IT recruitment solutions to global enterprises and boutique SME’s (Source: www.it-talent.co.uk 23/04/2014) (5)The tenants are in occupation on the terms of a previous lease. The new lease is expected to be signed in early May 2014. The tenant will benefit from 5 months at half rent and an option to determine the lease at year 3. (6)The sellers will adjust the completion monies, with regard to the reduced rents from Optical Express Ltd and IT Talent Solutions Limited, so that the property will effectively produce £131,512 pa gross from completion of the sale.
