Flat for sale in Westfield Road, Caversham, Reading RG4

Guide price £1,700,000
Flat for sale - 10 bedrooms 10
Interested in this property? Call +44 118 443 9016 * or Request Details

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Property features

  • Potential Annual Rental in Excess of £156,000
  • Gross Development Value in Excess of £3m
  • Currently 9 Let Apartments Generating £80,000+ Rental
  • Planning Approval to Add Three Additional Units
  • Superb Location Short Walk To Caversham Centre and Reading Station
  • Gardens to the Rear with Potential to Create 18 Parking Spaces
  • Current Accommodation of approximately 4142 sq. Ft. (385 sq. M.)
  • 5 x 1 bed apartments
  • 1 x 2 bed
  • 1 x 3 bed & 2 x 1 bed terrace houses

Property description

An Opportunity to purchase a portfolio of nine existing fully let units in a row of former Victorian alms-houses with planning to add three additional units and parking to the rear for up to eighteen cars. The existing portfolio is generating £79,800 rental per annum. This site is conveniently located a short walk from the vibrant centre of Caversham with its excellent selection of bars, cafes, restaurants and shops, also within an easy walk of Reading Station with its direct links to London Paddington in under 25 minutes and soon to feature on the tube network with the Elizabeth Line (Crossrail) linking Reading to the City of London and Canary Wharf. Existing accommodation which has an approximate area of 4142 sq. Ft. (385.5sq. M.) comprises a total of 5 x 1 Bedroom apartments, 1 x 2 bedroom apartment, 1 x 3 bedroom apartment and 2 x 1 bedroom terrace houses. The site has planning permission to add an additional 2780.38 sq. Ft. (258.4sq. M.) of accommodation made up of 1 x 1 bedroom, 1 x 2 bedroom and 1 x 3 bedroom units and extra living space in the existing dwellings. The existing units require updating and with completed works and development of the additional units as per the planning approval the site represents a Gross Development Value (gdv) of approximately £3m and annual rental return in excess of £155,000. The site is available to purchase as a going concern with potential to add a huge amount of value in one of the most desirable locations in Reading.

Property info

Floorplan(s): Floorplan

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For more information about this property, please contact
Winkworth - Reading, RG1 on +44 118 443 9016 * (local rate)

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