Freehold Retail and Office with Residential Development Opportunity
Includes 2 Ground Floor Retail Units and First, Second and Third Floor Office Accommodation and 9 Flats
2 x Flats with 62 Years Unexpired Terms
Prior Approval Consent for Residential Conversion of offices to 4 apartments
1 Mile north of Reading
Busy Town Centre Location
Neighbouring Occupiers include Waitrose, Costa, Boots and Superdrug
Lot 22
Auction 30th March 2023
Vacant Possession
Status Sold
Price £655,000
Sector Development
Auction Venue Live Streamed Auction
On behalf of a Major Fund
Property Information
Location
Miles
1 Mile North of Reading, 36 Miles West of London, 23 Miles South-East of Oxford
Roads
A4115, A4074, M4
Rail
Reading Crossrail Station
Air
London Heathrow Airport
Situation
Caversham is an affluent town located approximately 1 mile north of Reading town centre. The property is situated over Archway Road which in turn runs south off Gosbrook Road. Neighbouring occupiers include Waitrose, Costa, Boots, Superdrug and an eclectic mix of local retailers.
Tenure
Freehold.
Location
Miles
1 Mile North of Reading, 36 Miles West of London, 23 Miles South-East of Oxford
Roads
A4115, A4074, M4
Rail
Reading Crossrail Station
Air
London Heathrow Airport
Situation
Caversham is an affluent town located approximately 1 mile north of Reading town centre. The property is situated over Archway Road which in turn runs south off Gosbrook Road. Neighbouring occupiers include Waitrose, Costa, Boots, Superdrug and an eclectic mix of local retailers.
Tenure
Freehold.
Description
The property is a modern mixed-use building that is built over Archway Road and divided into 2 wings, East and West. The East wing comprises a ground floor retail unit, with the upper floors comprising 9 self-contained residential flats. The West wing comprises a retail unit at ground floor and first floor, with office accommodation on the second and third floors accessed from a separate entrance at the rear.
The West wing upper floors benefit from Prior Approval granted by Reading Borough Council under planning application number 220006 for change of use from class E (Offices and chiropractor) to C3 ( Dwelling Houses) to comprise 4 apartments.
VAT
VAT is applicable to this lot.
Note
As to the residential flats, the tenants have been served notice pursuant to Section 5B of the Landlord and Tenant Act 1987 to accept the offer, the tenants had until 24th January 2023 to respond to the notices. As no tenants have responded to the notices within the timeframe (or not at all), the tenants are not able to exercise their rights of pre-emption on this sale.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a modern mixed-use building that is built over Archway Road and divided into 2 wings, East and West. The East wing comprises a ground floor retail unit, with the upper floors comprising 9 self-contained residential flats. The West wing comprises a retail unit at ground floor and first floor, with office accommodation on the second and third floors accessed from a separate entrance at the rear.
The West wing upper floors benefit from Prior Approval granted by Reading Borough Council under planning application number 220006 for change of use from class E (Offices and chiropractor) to C3 ( Dwelling Houses) to comprise 4 apartments.
VAT
VAT is applicable to this lot.
Note
As to the residential flats, the tenants have been served notice pursuant to Section 5B of the Landlord and Tenant Act 1987 to accept the offer, the tenants had until 24th January 2023 to respond to the notices. As no tenants have responded to the notices within the timeframe (or not at all), the tenants are not able to exercise their rights of pre-emption on this sale.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk). (2) As to Flat 6, the leaseholder has recently extended the lease for a premium of £26,900 plus costs. Please see legal pack for further information.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
