Freehold Restaurant and Residential Ground Rent Investment
Restaurant Let until 2035 t/a Valpy Street Bistro (subject to options)
Comprises a ground and lower ground floor restaurant and 6 flats
In the Same Ownership for over 30 years (4)
3 Residential leases with 64 years unexpired
Busy town centre location
150m from Reading Railway Station
Ground floor traded as restaurant for over 30 years
Lot 16
Auction 15th February 2024
Rent £25,600 per Annum Exclusive
Status Sold
Price £325,000
Sector Restaurant
Auction Venue Live Streamed Auction
Property Information
Location
Miles
8 miles south-west of Henley-on-Thames, 25 miles south-east of Oxford, 40 miles west of Central London
Roads
A33, A329(M), A404(M), M4
Rail
Reading (National Rail, TFL, Crossrail)
Air
London Heathrow Airport
Situation
Reading is a popular retailing destination and major commercial and administrative centre for the Thames Valley region. The town benefits from excellent transport links by road, being easily accessed via the M4 motorway, by rail and by air, being just 27 miles west of Heathrow Airport.
The property is located in the heart of Reading town centre on the north side of Valpy Street between two substantial modern office buildings and some 150 metres from Reading Railway Station, 50 metres from Forbury Gardens and directly opposite Reading Museum and Town Hall.
Tenure
Freehold.
Location
Miles
8 miles south-west of Henley-on-Thames, 25 miles south-east of Oxford, 40 miles west of Central London
Roads
A33, A329(M), A404(M), M4
Rail
Reading (National Rail, TFL, Crossrail)
Air
London Heathrow Airport
Situation
Reading is a popular retailing destination and major commercial and administrative centre for the Thames Valley region. The town benefits from excellent transport links by road, being easily accessed via the M4 motorway, by rail and by air, being just 27 miles west of Heathrow Airport.
The property is located in the heart of Reading town centre on the north side of Valpy Street between two substantial modern office buildings and some 150 metres from Reading Railway Station, 50 metres from Forbury Gardens and directly opposite Reading Museum and Town Hall.
Tenure
Freehold.
Description
The property, a highly attractive five storey building comprises a restaurant on the ground and lower ground floor together with 6 flats on the upper three floors.
The residential accommodation has been sold off on long leases, three of which have 64 years unexpired.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Commercial unit - Band B
See Legal Pack for the Residential EPC's
Description
The property, a highly attractive five storey building comprises a restaurant on the ground and lower ground floor together with 6 flats on the upper three floors.
The residential accommodation has been sold off on long leases, three of which have 64 years unexpired.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Commercial unit - Band B
See Legal Pack for the Residential EPC's
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground Basement
Restaurant Restaurant
65.00 112.00
(700) (1,205)
INDIVIDUALS t/a Valpy Street Bistro
20 years from 22/07/2015 until 2035 (1)(2)
£25,000
5 yearly
First Second Third
6 Flats
-
-
Let on 6 x separate leases to individuals
Each let for a term of 99 years from 1989 (3)
£600
25 yearly
Total Approximate Commercial Floor Area
177.00
(1,905)
£25,600
(1) There has been a restaurant business trading from the property for approximately 30 years. The current leasee ran a restaurant business from the property between 1996 and 2008. For more information on the current business see www.valpys.co.uk. (2) The lease provides for a tenant option to determine the lease at each fifth anniversary of the term. The tenant is paying the rent monthly. (3) As to Flat 3, the premium for extending the lease was £11,000. (4) The Seller has owned all or part of the property over a 30 year period.
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.
