Kennet Island Development

Drake Way, Reading, RG2 0GH

0.64 Acres
For Sale
Development / Residential

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Virtual freehold residential development opportunity for sale located on the popular Kennet Island Development in South Reading

Property Type Development / Residential
Tenure For Sale
Size 0.64 Acres
Business Rates n/a
Energy Performance Rating Upon enquiry

Key Features

  • Total site area of 0.26 hectares (0.64 acres)
  • Planning permission for 12 private flats (1 x 1 bed, 11 x 2 bed)
  • Virtual Freehold (999 Year Lease) with vacant possession
  • Written offers invited by 12 noon on Friday 11th Mar 2022

Location

Reading is a large historic town situated in Berkshire on the River Thames, located 70 miles east of Bristol, 25 miles south of Oxford and 40 miles west of London.

The town benefits from good road communications being on the A33, at its junction with the M4 Motorway (Junction 11).

Reading Rail Station provides frequent services to London Paddington (fastest journey time 23 minutes). The Elizabeth Line will connect to Reading in 2022.

The property is situated at the heart of Berkeley Group’s Kennet Island, a large recently constructed urban village of over 1,350 new houses and apartments, set in landscaped grounds and surrounded by open spaces and an ecological area. Kennet Island is now completely sold.

Kennet Island is more than just a place to live. It has provided a unique community at the heart of Southside residential and commercial quarter.

Kennet Island is located just 2 miles from Reading town centre and is 8 minutes by bus to Reading Rail Station.

Description

The property currently comprises a part two, part four storey building with car parking and associated open space which formerly provided a sales and marketing suite. The property’s plot is relatively level, irregular in shape and provides a total site area of 0.26 hectares (0.64 acres).

Tenure

Virtual Freehold (999 Year Lease) with vacant possession.

Planning

2019 for “Proposed construction of 12 apartments (1 x 1 bed, 11 x 2 bed) with associated car parking, landscaping and open space, and infrastructure provision” pursuant to planning application reference no. 180543.

That planning permission is subject to a Section 106 Legal Agreement dated 18th September 2019 which contains an obligation on the property owner to pay the following financial costs to Reading Borough Council upon implementation of the planning permission:

• An affordable housing contribution of £567,375 (index-linked).
• A construction ESP contribution of £2,457.50 (index linked).
• A monitoring Fee of £400.
• The Council’s legal costs of £2,000.

Implementation of the property’s planning permission would also incur a Community Infrastructure Levy (CIL) charge of £145,715 (index-linked).

Services

All mains gas, electricity, drainage, water and telecoms services are connected to the property, although we have not made any enquiries of the respective statutory undertakers.

VAT

Elected for VAT.

Method of Sale

The property’s virtual freehold interest is offered for sale by way of informal, non-binding tender on an unconditional basis (subject to contract only) 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.

Written offers for the property are invited by 12 noon on Friday 11th March 2022.

All offers should be addressed to: Mr Chris Newman at Haslams Surveyors LLP.

Full details of the method of sale can be found within the particulars of sale.

Technical Information Pack

A Technical Information Pack for the property is available to interested parties upon request.

The Technical Information Pack includes:

1. Land Registry freehold title and title plan.
2. Planning Decision Notice dated 23rd September 2019.
3. S106 Legal Agreement dated 18th September 2019.
4. Accommodation Schedule.
5. Copies of all planning application documents and drawings relating to planning permission reference no. 180543.

Viewing And All Other Enquiries

All enquiries should be directed to the vendor’s sole agent:

Mr Chris Newman
Haslams Surveyors LLP
County House
17 Friar Street
Reading
RG1 1DB

Telephone: 0118 921 1521 (Chris Newman Direct Line)
Telephone: 0118 921 1500 (Switchboard)
Or Email: chrisnewman@haslams.co.uk

Block viewings of the property will be held at the following times:

10.00am on Wednesday 16th February
10.00am on Wednesday 23rd February
10.00am on Wednesday 2nd March
10.00am on Wednesday 9th March
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.