119 Wokingham Road & 1 Pitcroft Road, RG6

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Key Points

Summary

Income producing development / conversion opportunity (STP) available for sale in Reading

Description

The property comprises a ground floor retail unit with a flat above which is currently let and income producing. In addition, there are two single lock up garages and a workshop. The garages are currently let on licence.

The property as a whole offers a future conversion and development opportunity, subject to planning. Plans have been produced for a scheme which would retain a ground floor shop at the front, with 3-flats above (2x2-bed and 1x1-bed) and 3x2-bed split level maisonettes. A copy of the plans are available upon request.

Location

The property is prominently located on the corner of Pitcroft Avenue and Wokingham Road, one of the main roads leading east from the town and approximately 2 miles from Reading town centre.
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Availability_text

We understand the Gross Internal Area (GIA) is:

Features

- For sale freehold
- Mixed use
- Rarely available
- Income producing
- Development opportunity (STP)
- Of interest to investors and developers
- Indicative floor plans & existing leases available

Energy Performance Asset Rating

Ground Floor Shop - EPC Rating: C:67
1st Floor Flat – EPC Rating: D:55
Garage & Workshop - Exempt

Tenure

We understand the ground floor shop (119 Wokingham Road) is let to Sue Ryder on a 5-year Internal Repairing & Insuring lease (contracted outside the L&T Act) from 5th February 2022 with a mutual break after 3 years at an annual rent of £14,000 pax.

The first floor flat (1a Pitcroft Avenue) is let on a 12 month shorthold tenancy agreement, with a 6 month break option at a rent of £16,200 pa exclusive.

The two single lock-up garages are let on a licence agreement with 1 months notice and generate a rental income of £960 per annum.

The workshop is vacant.

Copies of lease documents available on request.

Business Rates & Council Tax

Ground Floor Shop - £16,750
Garage & Workshop - £6,400
1st Floor Flat – Council Tax Band B

Legal Costs / VAT

Each party to bear their own legal costs.

VAT is NOT payable.

Viewing & Further Information

Please contact the sole agent for further information or an appointment to view.

Anti-Money Laundering Regulations

To comply with Anti Money Laundering regulations, Haslams Surveyors LLP undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.