Land at Cardiff Road

Reading, Berkshire, RG1 8EX

3.25 Acres
For Sale
Development

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Residential Redevelopment Site with Planning Permission for 96 no. dwellings

Property Type Development
Tenure For Sale
Size 3.25 Acres

Key Features

  • Planning permission for 96 no. dwellings
  • Freehold with vacant possession
  • Closing date for offers: 12 Noon Thursday 28th February 2019

Location

The property lies on the north side of Cardiff 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 south east, whilst Junction 11 of the M4 Motorway lies approximately 3.5 miles to the south.

The property lies approximately 0.5 miles to the north east 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.
 
There is existing terraced housing on the property’s southern, eastern and western sides, whilst the commercial properties to the north of the property on Meadow Road are earmarked for residential redevelopment.

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

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, almost rectangular in shape and extends to approximately 1.316 hectare (3.252 acres).

Presently the property provides several light industrial buildings and a service yard.

The property is bordered by Meadow Road at its northern boundary, Addison Road at its eastern boundary, Cardiff Road at its southern boundary and Milford Road at its western boundary.

Vehicular and pedestrian access to the property is from Meadow Road to the north, with a secondary access to the south from Cardiff Road. The property also has an existing (but not used) vehicular and pedestrian access from Addison Road.

Tenure

The property will be sold freehold with full vacant possession given on completion.

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 combined Rateable Value (RV) of £252,500.

Planning

Planning permission for the “demolition of existing site buildings and boundary treatments and erection of 96 no. dwellings including associated surface car parking, public realm and landscaping on land at the former Cox & Wyman building, Cardiff Road.” was granted on 19th November 2018, pursuant to planning application reference no. 171814.

The proposed development scheme will provide two blocks of apartments arranged around a high quality private amenity space for residents. The remaining accommodation will provide two and three storey semi-detached and terraced houses.

We believe that the property holds potential to achieve planning permission for a higher density and more valuable development scheme than the scheme permitted by the existing planning permission.

Any planning related queries should be directed to the Local Planning Authority:

Reading Borough Council
Civic Offices
Bridge Street
Reading
Berkshire RG1 2LU
Telephone: 0118 937 3787
Web: www.reading.gov.uk

S106/CIL Costs

The planning permission is subject to a Section 106 Legal Agreement dated 19th November 2018 requiring financial contributions totalling £211,122 (index linked from 19th November 2018). A breakdown of those contributions is as follows:

Construction ESP Contribution: £23,622

Leisure Contribution: £150,000

Road Traffic Regulation Order Contribution: £7,500

Transport Contribution: £30,000

The property’s planning permission can be implemented without triggering a Community Infrastructure Levy (CIL) payment.

Accommodation Schedule

Please refer to the particulars of sale for further details of the Accommodation Schedule.

Affordable Housing

The proposed development will deliver 29 x affordable housing units on-site as follows:

  • 12 x Affordable rented units comprising 1 and/or 2 bedroom flats
  • 9 x Shared ownership units comprising 1 and/or 2 bedroom flats
  • 8 x Social rented units comprising 6 x 3 bedroom houses and 2 x 3 bedroom flats

Services

Mains electricity, drainage, gas and water services are connected 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.

VAT

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

Method of Sale

Please refer to the particulars of sale for further details on the Method of Sale.

Technical Information Pack

A copy of the Technical Information Pack is accessible via our Data Room.  Login details are available upon request.

Viewing And All Other Enquiries

Please refer to the particulars of sale for the block viewing dates.