Commercial property for sale in Oxford Road, Reading RG1

Location:
Reading is a large affluent town in the county of Berkshire. Situated 38 miles west of Central London, 25 miles south of Oxford &18 miles North of Basingstoke. The region’s main commercial centre and the focal point for economic growth along the M4 corridor. Reading has also benefitted from Crossrail, with access to Bond Street in 53 mins, Liverpool Street 61 mins and Heathrow airport 28 mins. It is predicted that the opening of the line will further enhance the town’s position as one of the South East’s main transport hubs.

Description:
The McIlroy Department Store is one of Reading’s most historic landmarks, the property was built in 1903 and in 1955 the Department Store ceased trading. It has subsequently been split into well configured retail units arranged over ground and basement floors. Numbers 10/12 &14/16 sit to the beginning of the parade whilst number 20 is located into the centre of the parade, adjacent to occupiers including: Tesco, bhf & The Tanning Shop.

User:
We believe the premises fall under Class E (with extraction) & Sui Generis use of the Town & Country Planning (Use Class) (Amendment) Order 2005.

Tenure:
Long leasehold – approx. 998 years unexpired at a peppercorn rent.

Accommodation & Tenancy Schedule:
The property offers the following (NIA) approximate dimensions:

10/12 Oxford Road Ground Floor: 254.08 Sq M (2,735 Sq Ft)
Tenant: MazRG1 t/a The Food Court
Rent: £62,500 per annum
Rent Review & Tenant Only Break: 27/05/2026
Service Charge: £3,550.84 for the year ending 2023

14/16 Oxford Road
Ground Floor 2,772 Sq Ft (257.53 Sq M)
Basement 1,024 Sq Ft ( 95.13 Sq M)
Total 3,796 Sq Ft (352.66 Sq M)
Tenant Atif Superstore t/a Creams
Lease Start date 29/09/2021 to 30/09/2031
Rent Review & Tenant Only Break 01.10.2026
Rent £67,500 per annum
Service Charge £5,977.75 for year ending 2023

It should be noted that Creams have been in occupation 2014, initially on a sub lease, and was granted a direct lease with the landlord in 2021.

20 Oxford Road
Ground Floor 1,989 Sq Ft (184.78 Sq M)
Basement 1,508 Sq Ft (140.10 Sq M)
Total 3,497 Sq Ft (324.88 Sq M)
Tenant Corals (It should be noted that Corals have been in occupation since 2008)
Lease Start Date 11/10/2022 to 12/10/2032
Rent Review & Tenant Only Break 12/10/2027
Rent £59,200 per annum
Service Charge £3,205.67 for year ending 2023

Total Rental Income:
£191,700 per annum

Terms:
Offers are invited in excess of £1,750,000 for the long leasehold interest. A purchase at this level would reflect a net initial yield of 10.21% after allowing for purchaser’s standard costs of 5.90%. Low capital value of £174.51 per sq ft.

EPC:
The premises afford the following Energy performance certificate ratings 10-12 Oxford Rd - B(33) 14-16 Oxford Rd B(26) 20 Oxford Rd B(38). A copy of the EPC is available upon request.

Legal Fees:
Each party to bear their own legal costs.

VAT:
The property has been elected for VAT purposes. It is anticipated that the investment sale will be subject to VAT unless the sale can be treated as a Transfer of a Going Concern (togc).

Aml: In accordance with Anti-Money Laundering Regulations, 2 forms of identification & confirmation of the source of funding will be required from any successful Purchaser.

Viewing:
By appointment only via seller’s sole agents : Willmotts Chartered Surveyors.

Shahid Sadiq M: E:

Emily Bradshaw M: E:

Huseyin Zafer M: E:

Varol Zafer M: E: