0.36 Acres Development, For Sale
The property occupies a prominent roadside position on the north side of Oxford Road, in a mixed use location towards the centre of the major Berkshire town of Reading.
Reading town centre with its multiple facilities lies approximately 0.5 miles to the east, whilst Junction 11 of the M4 Motorway lies approximately 3 miles to the south.
The property lies approximately 0.5 miles to the south west of Reading Railway Station which provides direct services to London Waterloo and London Paddington.
From December 2019 the £14.8bn Crossrail service will be departing from Reading twice hourly, providing direct services through the city of London to Shenfield, with Bond Street accessible in under one hour.
Crossrail will deliver cutting edge, high capacity trains which will help reduce overcrowding at peak times and provide a cleaner, more environmentally friendly rail service into central London.
The property’s immediate vicinity provides a mix of commercial and retail properties and two and three storey apartment blocks and houses.
A copy of an Ordnance Survey Extract Plan within the particulars of sale shows the approximate boundaries of the property edged in red.
The property comprises an almost rectangular shaped site which includes a two-storey building containing a showroom with two apartments above towards the front of the site and an adjoining warehouse building towards the rear of the site.
The property is bordered by Oxford Road at its southern boundary, a church at its western boundary and commercial properties at its northern and eastern boundaries. Vehicular and pedestrian access to the property is from Oxford Road.
The total site area is approximately 0.15 hectares (0.36 acres).
The property will be sold freehold with full vacant possession given on completion.
The property lies within the administrative authority of Reading Borough Council (the Rating Authority) and is shown in the Valuation List as having a Rateable Value (RV) of £62,750.
The property has been granted planning permission for the “Erection of part 4, part 5 storey building providing 16 (2x1, 13x2 & 1x3-bed) residential units (Class C3) with associated parking and landscaping, following demolition of existing buildings (Class A1 / B8/ nil use).” which was granted on 17th February 2016 (application reference: 150721). All reports, drawings and documents relating to this planning permission are included in the Technical Information Pack.
The planning permission is subject to a Section 106 Legal Agreement dated 17th February 2016 requiring financial contributions totalling £213,145 (index linked).
Any planning related queries should be directed to the Local Planning Authority: Reading Borough Council.
Further details of the planning permission can be found within the Particulars of Sale and the Technical Information Pack.
A full schedule of accommodation detailing the consented dwelling mix can be found within the Particulars of Sale.
No on-site affordable housing is required.
We are advised that mains electricity, gas, water and drainage services are connected to the property. However, prospective purchasers are advised to make their own independent enquiries of the individual authorities to verify the capacity and availability of such services.
The property is offered for sale by way of informal, non-binding tender with the vendor reserving the right not to accept the highest or any offer and also reserving the right to withdraw the property from sale or to vary the method of sale at any time without notice.
Written offers for the property are invited by 12 Noon on Thursday 5th May 2016.
Please refer to the Particulars of Sale for further details on the Method of Sale.
A copy of the Technical Information Pack is accessible via our Data Room. Login details are available upon request.
All enquiries should be directed to the vendor’s sole agent
Viewings of the property will be strictly by appointment only.
Block Viewings of the property will take place on the following days (No appointment necessary):
Tuesday 5th April 2016 at 10.00am
Tuesday 12th April 2016 at 10.00am
Tuesday 19th April 2016 at 10.00am
Tuesday 26th April 2016 at 10.00am
Tuesday 3rd May 2016 at 10.00am
Access onto the site during viewings will be available via its entrance from Oxford Road.
Please note that parties must not enter the property outside the block viewing times without our prior authority and any inspection of the site is at the prospective purchaser’s risk.