79 - 89 Northumberland Avenue, Reading, Berkshire, RG2 7PT

Location

79 - 89 Northumberland Avenue is situated within a large residential neighbourhood location, to the south of Reading town centre.

Description

The site totals 0.61 acres and is circa 1.14 miles to the South of the town centre. A, Freehold, investment / potential development opportunity of 6 retails units, with 6 residential units (2 & 3 Bed) above. 6 lock up garages can also be seen to the rear of the site.

A tenancy schedule is available by request. 2 of the retail units are vacant, the other commercial units are holding over on protected leases, at low passing rents. The current rental income is £89,100 per annum, noting two units are vacant and the units that are currnetly underlet.

There is potential to asset manage up the passing rent on the renewal of the existign leases. Subject to planning permission there may also be potential to extend at first floor lebel over the rear of shop 79. There may also be potential to convert the rear of 79 from a large store room, into further residential accommodation, consideration should then be given to splitting the remainder of No.79, into two retail units to create a total of 7 lettable commercial units with 6 - 9 residential units (Subject to planning). There may also be potential to redevelop the entire site, convert the garages into accomodation / small workshops, or potentailly add a sedond floor of residential - subject to planning permission.

Do note that the floor areas DO NOT include the residential flats or garages.


Tenure Comments

The freehold is available For Sale, with the benefit of various FRI and AST leases being in place.

Legal Costs

Each party to bear their own professional and legal costs incurred throughout the legal process.

VAT

It is understood the properties are NOT elected to pay VAT.

Energy Performance Rating

EPC are available upon request