0.14 Acres Development, For Sale
|Energy Performance Rating||This property has been graded as 81 D|
The property is situated in Reading town centre on a prominent corner plot at the junction of Mill Lane (IDR) and London Street with the Oracle Shopping Centre and car parks located immediately to the north.
The surrounding properties in London Street are of a mature and mixed use character with commercial, retail, food and beverage uses along with some residential uses.
The property lies within easy walking distance of Reading Railway Station providing direct services to London Paddington.
The Central Club comprises a substantial one and part two storey building on a plot of approx. 0.055 hectares (0.14 acres) fronting directly on to London Street and backing on to Crossland Road providing potential rear access. The site includes a small slither of open land lying between the northern flank wall and the adopted highway. There is no on site car parking.
The property’s northern flank wall overlooking Mill Lane (IDR) was decorated in 1990 by a large mural. The mural remains of huge importance to the black community, the wider community and the Council itself.
The accommodation comprises a large open area at ground floor level with a raised stage plus a series of offices, stores, meeting rooms, kitchens and toilets over the rest of the ground floor and a first floor with similar accommodation.
The ground floor offers some 487.00 square metres (5,242 square feet) of floor space; the first floor offers some 95.00 square metres (1,023 square feet) of floor space. The total area is some 582.00 square metres (6,265 square feet). Areas are measured on a GIA basis.
The property is of traditional brick construction (circa 1930) with a dual level flat roof with several large skylights and a solid ground floor and suspended timber first floor. There is a steep staircase linking the ground and first floor plus another staircase providing an emergency means of escape via the adjacent passageway.
All mains services are believed to be connected or available for connection but any buyer must satisfy themselves as to availability and capacity of such services with the supply companies.
The property will be sold by way of a long leasehold interest for a term of 999 years for a one off premium and an annual peppercorn rent with full vacant possession given on completion. The lease will not contain any covenants or restrictions as to user, alienation or repairs but will impose obligations relating to the future repair, maintenance and protection of the mural.
The property is held under two freehold legal titles BK 60528 and BK 226723 (part) and has the benefit of a right of way over the passageway belonging to no 44 London Street leading from London Street to Bath Court.
The property was originally purpose built as a Police Garage for Berkshire County Council but has since the late 1970’s been used as a Community Centre with this use falling within Use Class D2 (Assembly and leisure).
The property is not a Listed Building but is situated within the southern part of the `Market Place & London Street´ Conservation Area. The adjoining properties immediately to the south and opposite are Listed Buildings. The property’s northern flank wall and the Mural have been listed under the Localism Act 2011 as an Asset of Community Value.
Prospective buyers should note that Reading Borough Council recognises the Mural has special local significance and should be retained in any plans to reuse and refurbish the property or in any redevelopment proposal.
Subject to planning permission and addressing the Mural’s retention, the property still has considerable potential for a variety of residential, commercial, leisure or other uses. This could take the form of a conversion into another use or as a site for redevelopment. The Technical Information Pack contains a Planning Statement.
Buyers seeking to retain the Mural within its purchase proposal should demonstrate how it intends to deal with the Mural and its future maintenance or whether it requires the Council to be responsible for its future maintenance. Terms in the lease and/or any future planning permission will ensure that objective is achieved.
In the alternative a buyer may consider it is possible to leave the Mural as a free standing structure which will enable the balance of the site to be redeveloped independently of the Mural. The Mural does not necessarily have to form part of the property to be purchased but any bid could allow for the cost of creating the Mural as a free standing feature to be retained by the vendor or sold to another party.
The Technical Information Pack contains technical reports on the Mural’s condition and how it might be rendered free standing.
All planning enquiries should be directed to the Planning Officer at the Local Planning Authority the details of which can be found within the particulars of sale.
The property has a Rateable Value of £7,700 in the Rating List. It is classified as a ‘Community Centre and Premises’.
The property is not elected to VAT and therefore VAT will not be charged on the purchase price.
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. The timing of any exchange of contracts and completion may have to allow for the implications of the property’s ACV listing.
Please refer to the particulars of sale for full details on the Method of Sale
Written offers for the property are invited by 12 Noon on Friday 11th May 2018.
A Technical Information Pack providing more information on the property can be downloaded from the data room on Haslams Surveyors LLP’s website. Please note login details are available upon request.
All enquiries should be directed to the vendor’s sole agent Haslams Surveyors LLP.
Viewings of the property will be strictly by appointment only.
Block viewings of the property will take place at 10.00am on the following days (No appointment necessary):
Wednesday 14th, 21st and 28th March;
Wednesday 4th, 11th, 18th and 25th April; and
Wednesday 2nd May
Access onto the site during viewings will be available via London Street.
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.
Please note neither the vendor nor the agent accept any responsibility for any loss or injury caused while carrying out a site visit.