5816 sq. ft (541.4 m²)
Key features
- Entire building let to Value Team Limited T/A Coconut Bar & Kitchen
- Current Rental Income of £105,000 pax with a minimum increase on the 18th October 2028 to £115,000 per annum exclusive.
- Net Initial Yield of 5.85% assuming normal purchaser’s costs
Description
Reading is the commercial and administration centre in the Royal County of Berkshire which thrives off its close proximity to London.
Reading has a catchment population of 692,000 ranking it 21 out of the PROMIS centres. Reading’s population is predicted to grow by 14.23% by 2027 which is over 40% higher than the national average (Source: Experian). The University of Reading is also a prominent institution within the town enrolling over 17,000 students.An affluent town, whose economy revolves around the service sector and leading edge technology companies. Reading is located within the M4 corridor, approximately 28 miles south east of Oxford, 4 miles south west of Maidenhead, 18 miles east of Newbury and 35 miles west of Central London.
The town has a direct and frequent train service to London with a fastest journey time of only 28 minutes. Crossrail opened on the 24th May 2022 and provides a direct service to other Central London destinations including Bond Street, Liverpool Street and Canary Wharf, strengthening the towns position as a commercial hub. The town is located within easy access of Heathrow Airport, which is located 24 miles (38 km) to the east. Reading’s main shopping centre is The Oracle which comprises 70,000 sq m (753,480 sq ft) of retail and leisure floor space including a 10 screen Vue Cinema, 18 café bars and restaurants, two department stores and parking for 2,300 vehicles.
St Mary’s Butts is situated in the town centre running south-east from the junction of Oxford Road and Broad Street to Bridge Street. The property is located on the north east side of St Mary’s Butts, approximately 25 metres south east of the junction with Oxford Road and Broad Street. The property lies in close proximity to the prime retailing facilities of Broad Street and is situated immediately opposite Broad Street Mall, being in a good secondary retail pitch, interspersed with a number of national multiples including CAFÉ NERO, TK MAX, METRO BANK and a number of Restaurant operators including BILLS, TACO BELL, 7BONE, and BURGER KING. St Mary’s Church and gardens are situated to the south of the property. The Oracle Shopping Centre is less than five minutes walk away.
The property was redeveloped in 2007 in a contemporary style. The building is arranged over basement, ground and first floors being of steel frame construction with brick and block walls under a flat roof. The building benefits from a glazed frontage incorporating a small external terrace area. Natural light is provided by a number of skylights.
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