5 Prospect Street

Caversham, Reading, RG4 8JB

1,028 sq ft
For Sale
Investment / Leisure / Retail

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Tenanted retail investment opportunity available for sale freehold in Caversham Reading

Property Type Investment / Leisure / Retail
Tenure For Sale
Size 1,028 sq ft
Price Offers in excess of £308,000
Energy Performance Rating This property has been graded as D (88)

Key Features

  • Prominent location
  • Tenanted investment opportunity
  • Restaurant kitchen and basement area
  • Rental income of £24,000 per annum
  • Ground rent of £200 per annum
  • Lease expiring July 2028 with no early break option
  • No VAT payable

Location

Caversham is a residential district of Reading, lying immediately north of the Thames. Caversham is the most affluent part of Reading and has seen a strong resurgence post Covid with high demand and low vacancy rates. This trend is expected to carry on with consumers choosing to shop locally rather than in big cities and town centres.

The property occupies a corner plot on the eastern side of Prospect Street, at the junction with North Street, close to the junction with Church Street and is particularly visible to southbound pedestrian and vehicular traffic.

Nearby occupiers include: Waitrose, Costa and Boots.

Available area

We understand the net internal area (NIA) is as follows:

NameSq ftSq m
Ground - Restaurant 500 46.45
Ground - Kitchen 198 18.39
Basement - Restaurant 310 28.80
Basement - Wine store 20 1.86
Total1,02895.50

Description

The building is of traditional construction on three floors and a basement. The ground and basement floor are currently let to Papa Gee Limited.

The upper parts which comprise two flats have been sold off on a long lease.

Lease

The lease for the ground floor and basement is held by Papa Gee Limited, for a term expiring July 2028 at a rent of £24,000 per annum on an FRI lease, subject to 3 year upward only reviews in 2023 and 2026. There is no early break option.

Papa Gee Limited is a successful business that has been trading locally for over 15 years.

The upper parts of the property have been sold off on a long lease. This element of the property now provides a ground rent of £200 per annum.

Terms

The property will be sold freehold with the tenant in situ.

Legal Costs / VAT

Each party to bear their own legal costs.

This property is not elected for VAT.

Viewings

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