Highly reversionary investment opportunityPopular Berkshire location close to Junction 11 of M44 no. Residential apartments let on ASTs3 no. Refurbished residential apartments let on long-leases7 no. Refurbished/new office suites partially letTotal current income of c. £52,600 per annum excl.Total estimated rental value of c. £98,340 per annum excl.
The property comprises a level rectangular shaped site including two detached buildings and 21 car parking spaces.
The northern building is planned over two storeys and provides 6 no. 1 bedroom apartments and 1 no. 2 bedroom apartment.
The southern building is planned over two storeys and provides approx. 2,664 sq. Ft. (Net Internal Area) of office accommodation split between 7 no. Office suites.
Floor plans are available on request.
The property is situated on the south side of Hyde End Road within the popular and sought-after village of Spencers Wood, Berkshire.
The property lies within easy walking distance of many local amenities including shops, pubs and a primary school. Reading town centre with its multiple facilities lies approximately 5.5 miles to the north. The new Green Park railway station lies just a short drive north of the property, connecting to Crossrail and national services at Reading Station.
3 no. Apartments have been recently refurbished and let on a long-leasehold basis. Nominal grounds rents are paid to the freeholder.
4 no. Un-refurbished 1 bedroom apartments are let to private tenants on ASTs currently producing a reversionary total rent of £27,600 per annum. We believe the estimated rental value of each apartment to be c. £800 pcm.
3 no. Office suites are currently let on short/medium term leases and produce c. £24,640 per annum exclusive (£29.63 per sq. Ft.).
4 no. Office suites are currently vacant. We believe the combined estimated rental value of the vacant suites to be c. £35,300 per annum exclusive (£20.00 per sq. Ft.).
A schedule of accommodation is available on request.
The holding company of the property (Hyde End Road Development Ltd) is offered for sale via a transfer of going concern. Offers invited.
Each party to bear their own legal costs.
This property is elected for VAT.
Please contact the sole agents for further information or an appointment to view.