RG1 140-142 & 140a Caversham Road, Reading

Investment / Development opportunity (STP) available for sale with vacant possession in Reading

The property consists a ground floor retail unit with rear access and rear elevation garage / lock up storage, and vehicular access with off-street parking for 5 vehicles accessed via Thames Avenue that runs along the east, side elevation of the property. The first and second floors above, comprise 5no. one bed fully furnished serviced apartments each providing a living room, kitchenette, bedroom and en-suite shower room.

The flats are also accessed via Thames Avenue.

There is potential for redevelopment of the property subject to planning.

The entire property is to be sold freehold. Each flat does have its own long lease which will be transferred as part of the sale. Alternatively, the purchaser can acquire the vendors asset-holding entity.

The ground floor shop (140-142 Caversham Road) is currently let to Rainbow Carpets on an Internal Repairing & Insuring lease (contracted outside the L&T Act) a rent of £32,400 pax.

The 5no. one bed apartments on the first and second floors (140A Caversham Road, Flats 1-5) are let as serviced apartments advertised at rent of £420 per week (£60 per night) and provide an average annual income of £56,600 per annum. Alternatively, each could be let on standard Assured Shorthold Tenancies.

The intention is to sell the entire property with vacant possession.

The property occupies a prominent corner position on the east side of Caversham Road, approximately 0.5 miles to the north-west of Reading town centre and the Oracle Shopping Centre. Reading railway station lies within easy walking distance, providing direct rail services to London.

The River Thames and Caversham Village and local amenities are also a short walk away.

Junction 11 of the M4 motorway and the A329(M) lie approximately 3.5 miles to the south and 2 miles to the east respectively.