Suite 1, City Gate

Southampton Street, Reading, RG1 2QW

2,255 sq ft
For Sale
Investment / Office

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Long-leasehold investment opportunity comprising modern ground floor offices on the edge of Reading town centre available to purchase

Property Type Investment / Office
Tenure For Sale
Size 2,255 sq ft
Price £400,000
Business Rates £7.75 per sq ft
Service Charge n/a
Energy Performance Rating This property has been graded as D (97)

Key Features

  • Long-leasehold investment opportunity
  • Reading town centre
  • Let to Change Grow Live producing £33,825 per annum exclusive
  • Change Grow Live have a D&B rating of 5A1, reflecting a “Minimum Risk” of business failure

Location

The premises are prominently located on Southampton Street which forms one of the main routes into Reading town centre, and are situated within walking distance of the Oracle shopping and leisure complex. Also close by is Reading mainline railway station which provides regular high speed services to London Paddington and the regions.

Description

The premises comprise of a ground floor office suite within a mixed use building that can be accessed via a private entrance with an attractive arched canopy.

Suite 1 has the benefit of full height demountable glazed partitioning creating a number of private offices and meeting rooms.

Tenure

The property is held on a long-leasehold basis for a term of 999 years from 28th October 1979.

Lease Summary

The property is sub-let to Change Grow Live (Reg no. 03861209, D&B rating 5A1) on a lease dated 28th June 2023.

- Term: 10 years, commencing on 28th June 2023 and ending on 27th June 2033.
- Mutual Break Clause: Dated 31st March 2026 and 31st March 2028 (subject to 6 months notice).
- Tenant Funding Break: Rolling, subject to 6 months notice and the tenant’s government funding being withdrawn.
- Rent: £33,825 per annum exclusive
- Rent review: 3 yearly, upwards only to open market rent.
- Outside of the Security of Tenure Provisions of the Landlord and Tenant Act 1954.
- Internal repairing terms limited by a schedule of condition.

A copy of the lease is available on request.

Terms

The long-leasehold interest is available for sale.

Anti-Money Laundering Regulations

To comply with Anti Money Laundering regulations, Haslams Surveyors LLP undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.

Viewings

Please contact the sole agent for further information or an appointment to view.