1.68 Acres Development, For Sale
The property occupies a prominent position on the north side of Berkeley Avenue and west side of the A33 arterial road, in a mixed use location towards the centre of the major Berkshire town of Reading.
Reading town centre with its multiple facilities including the Oracle Shopping Complex lies approximately 0.5 miles to the north, whilst Junction 11 of the M4 Motorway lies approximately 2.5 miles to the south.
The property lies approximately 1 mile to the south 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 properties and six storey apartment blocks.
We would refer you to the location plan within the sales particulars.
A copy of an Ordnance Survey Extract Plan is contained within the particulars of sale which shows the approximate boundaries of the property edged in red.
The property comprises an irregular shaped site which includes areas of concrete hardstanding and scrub land. The property is contained by concrete post and wire fencing at its northern boundary, metal palisade fencing and dense vegetation at its eastern boundary and wooden hoardings at its southern and western boundaries.
The property's former buildings have been demolished in readiness for development.
The property is bordered by Berkeley Avenue at its northern boundary, a towing path and the River Kennet at its eastern boundary, a commercial property and Rose Kiln Lane at its southern boundary and the A33 arterial road at its western boundary. Vehicular and pedestrian access to the property is from Berkeley Avenue to the north, with a secondary access to the south from Rose Kiln Lane.
The total site area is approximately 0.68 hectares (1.68 acres).
We would refer you to the photographs of the property within the particulars of sale for further information.
The property will be sold freehold with full vacant possession given on completion.
The property has been granted planning permission for the “demolition of existing building and erection of 112 flats with associated parking and landscaping.” which was granted at appeal on 8th January 2008 (application reference: 07/00412/FUL) and extended at appeal on 4th October 2011 (application reference: 10/01567/EXT). 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 15th November 2007 with a further Deed of Variation dated 3rd March 2015 requiring financial contributions totalling £479,194 (index linked). £164,000 (index linked) of that sum has already been paid by the vendor, leaving £315,194 (index linked) payable by the purchaser.
A breakdown of the required financial contributions and payment dates relating to the S106 Agreement can be found within the particulars of sale.
For the avoidance of doubt, the purchaser will be responsible for payment of all outstanding financial contributions payable under the S106 Agreement.
The planning permission is not subject to a Community Infrastructure Levy liability.
Any planning related queries should be directed to the Local Planning Authority Reading Borough Council.
Please refer to the particulars of sale for further details of the accommodation schedule.
No on-site affordable housing is required.
We understand that mains electricity, drainage, gas and water services are available in the vicinity for connection to the site. 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 vendor has already paid the following services diversion/upgrade costs to the relevant utility companies:
Diversion of gas main cost: £70,966.81 paid to Southern Gas.
Diversion of LV/HV cables and removal of existing substation cost: £34,820.67 paid to SSE.
Provision of new HV cables and substation cost: £44,439.73 paid to SSE.
Water mains diversion cost: £28,728.94 paid to Thames Water.
Please refer to the particulars of sale for further details on the method of sale.
A copy of the information pack is accessible via our Data Room. Login details are available upon request.
Please refer to the particulars of sale for the block viewing dates.