1,028 sq ft
Investment / Leisure / Retail
|Property Type||Investment / Leisure / Retail|
|Size||1,028 sq ft|
|Price||Offers in excess of £308,000|
|Energy Performance Rating||This property has been graded as D (88)|
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.
We understand the net internal area (NIA) is as follows:
|Name||Sq ft||Sq m|
|Ground - Restaurant||500||46.45|
|Ground - Kitchen||198||18.39|
|Basement - Restaurant||310||28.80|
|Basement - Wine store||20||1.86|
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.
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.
The property will be sold freehold with the tenant in situ.
Each party to bear their own legal costs.
This property is not elected for VAT.
Please contact the sole agent for further information or an appointment to view.