71-73 Caversham Road

Reading, Berkshire, RG1 8JA

0.39 Acres For Sale Development

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Prominent potential redevelopment site currently comprising detached retail and office buildings available for sale in Reading

Property Type Development
Tenure For Sale
Size 0.39 Acres

Key Features

  • Detached retail and office buildings suitable for redevelopment and/or conversion
  • Current income stream
  • Closing date for offers: 12 Noon Wednesday 12th December 2018

Location

The property occupies a prominent position on the west side of Caversham Road (A329) adjacent to its junction with Northfield 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 0.25 miles to the south east, whilst Junction 11 of the M4 Motorway lies approximately 3.5 miles to the south.

The property lies just 300 metres to the 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 residential and commercial properties.

We would refer you to the location plan within the particulars of sale for further information.

Description

A copy of an Ordnance Survey Extract Plan within the particulars of sale shows the approximate boundaries of the property edged in red. 

The site is level, rectangular in shape and extends to approximately 0.159 hectares (0.393 acres).

Presently the property comprises a 2 storey retail warehouse, known as 71-73 Caversham Road, with a service yard and car parking area situated on the eastern part of the site fronting Caversham Road, together with 2 no. detached 2.5 storey attractive office buildings,  known as The Brewery and The Malthouse, with further car parking space situated on the western part of the site.

The property’s retail warehouse is currently used as the locally famous Drews Ironmongers whilst its office buildings are fully let to office tenants.

The property is bordered by Caversham Road at its eastern boundary, Northfield Road at its northern boundary, a development of 3 storey flats known as Monmouth Court at its western boundary and a retail warehouse currently used as a gym at its southern boundary.

Vehicle and pedestrian access to the property is achieved from Northfield Road whilst the retail warehouse also has pedestrian access from Caversham Road.

We would refer you to the photographs of the property for further information.

Existing Accommodation

A table providing further information on the size of the existing accommodation can be found within the particulars of sale.

Tenure

The property will be sold freehold with the occupancy position being as follows:

Please see particulars of sale for further information.

Rating

The property lies within the administrative authority of Reading Borough Council (the Rating Authority) and is shown in the Valuation List as having a total Rateable Value of £123,000 which is broken down as follows:

Drews, 71-73 Caversham Road:  Showroom and Premises:  Rateable Value £77,000.

The Brewery and The Malthouse:  Offices and Premises:  Combined Rateable Value   £46,000.

Planning

The property has no significant planning application history.

Having regard to local and national planning policy, the property holds obvious potential to be redeveloped to residential or some other alternative use, either as a whole or in part.

The property’s existing office buildings also hold potential to be converted to residential use under Permitted Development Rights.

Any planning related queries should be directed to the Local Planning Authority: Reading Borough Council.

VAT

The property is elected for VAT.  Therefore VAT will be payable on the purchase price.

Services

We understand that mains electricity, drainage, gas and water 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.

Method of Sale

The property’s freehold interest 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 property is offered as a whole and/or as individual Lots as follows:

Lot 1:  Drews, 71-73 Caversham Road (Vacant retail warehouse).

Lot 2:   The Brewery and The Malthouse (Fully let offices).

Written offers for the property are invited by 12 Noon Wednesday 12th December 2018.

Full information on the Method of Sale can be found within the particulars of sale.

Technical Information Pack

A copy of the technical information pack is accessible via our Data Room.  Login details are available upon request.

The Information Pack includes:

1.  Land Registry Freehold Title and Title Plan.

2.  Leases on The Brewery and The Malthouse.

3.  Energy Performance Certificates.

Viewing And All Other Enquiries

All enquiries should be directed to the vendor’s sole agents.

Viewings of the property are strictly by appointment only.

Access to the property during viewings will be available via its entrance from Northfield Road.

Please note that parties must not enter the property outside the viewing times without our prior authority and any inspection of the property is at the prospective purchaser’s risk.

Access to the internal parts of The Brewery and The Malthouse will not be available during viewings.