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Agent's details

Suite 1, City Gate, RG1

For sale: £400,000.00|2,255 Sq Ft|Other, Office, Other Property Types & Opportunities, Offices

Property details

FOR SALE£400,000.00
SIZE2,255 Sq Ft
ADDRESSSuite 1, City Gate, Southampton Street, Reading, RG1 2QW
TYPEOther, Office, Other Property Types & Opportunities, Offices
TENUREInvestment Opportunity, For Sale Leasehold
POSTED ON5th March 2024

Description

Key Points

  • Long-leasehold investment opportunity
  • Reading town centre
  • Let to Change Grow Live producing £33,825 per annum exclusive
  • Change Grow Live have a D&B rating of 5A1, reflecting a “Minimum Risk” of business failure
  • Summary

    Long-leasehold investment opportunity comprising modern ground floor offices on the edge of Reading town centre available to purchase

    Description

    The premises comprise of a ground floor office suite within a mixed use building that can be accessed via a private entrance with an attractive arched canopy.

    Suite 1 has the benefit of full height demountable glazed partitioning creating a number of private offices and meeting rooms.

    Viewings

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

    Location

    The premises are prominently located on Southampton Street which forms one of the main routes into Reading town centre, and are situated within walking distance of the Oracle shopping and leisure complex. Also close by is Reading mainline railway station which provides regular high speed services to London Paddington and the regions.

    Terms

    The long-leasehold interest is available for sale.

    Tenure

    The property is held on a long-leasehold basis for a term of 999 years from 28th October 1979.

    Lease Summary

    The property is sub-let to Change Grow Live (Reg no. 03861209, D&B rating 5A1) on a lease dated 28th June 2023.

    - Term: 10 years, commencing on 28th June 2023 and ending on 27th June 2033.
    - Mutual Break Clause: Dated 31st March 2026 and 31st March 2028 (subject to 6 months notice).
    - Tenant Funding Break: Rolling, subject to 6 months notice and the tenant’s government funding being withdrawn.
    - Rent: £33,825 per annum exclusive
    - Rent review: 3 yearly, upwards only to open market rent.
    - Outside of the Security of Tenure Provisions of the Landlord and Tenant Act 1954.
    - Internal repairing terms limited by a schedule of condition.

    A copy of the lease is available on request.

    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.

    Location

    marker
    Location: Suite 1, City Gate, Southampton Street, Reading, RG1 2QW

    Reading (0.7 miles)

    Reading West (1.0 miles)

    Earley (2.3 miles)

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