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11 Friar St

Office for sale

£1,000,000 4,514 sq ft

Jackson Criss
Contact name

Mike Jameson - Jackson Criss

Full address
11 Friar St, Reading RG1 1DB – Reading
Highlights
  • Consented 4 flat development of the upper floors with landlord breaks to allow possession.
  • Situated close to the Station Hill Development and in close proximity to Reading’s prime retail pitch on Broad Street.
  • Let to Coral Estates Ltd and Time Trap Escape with a WAULT to expiry of 2.28 years.
Property owner
McMullen & Sons Ltd
Property type

Office for sale Search all

Asking price
£1,000,000
Available space range
There is 1 space available. This measures 4,514 sq ft.
Brochure
Download the brochure

Sale details

Sale unit 4049122 Available

4,514 sq ft, £221.53 per sq ft

Unit Sale unit 4049122
Address 11-14 Friar St, Reading, Berkshire, RG1 1DB, GB
Size 4,514 sq ft
Price £1,000,000
Price per unit £221.53 per sq ft
Unit Sale unit 4049122
Address 11-14 Friar St, Reading, Berkshire, RG1 1DB, GB
Size 4,514 sq ft
Price £1,000,000
Price per unit £221.53 per sq ft
Sale type Investment
Tenure Freehold
Net income yield 6.48%
Financial type Actual
Financial year 2018
Net operating income £64,833

Sale notes

  • Please find attached details relating to a prominent mixed use investment which we have been instructed to sell in the dominant south east town of reading.
  • The property is situated within a 3 minute walk of reading railway station and in close proximity to the station hill development and readings prime retail pitch on broad street.
  • The subject property has recently been granted planning consent for a 4 flat residential development of the upper floors with an estimated value of £1,160,000. a landlord break is also in place to allow early possession.
  • The property is held freehold and is let to coral estates and time trap escape at rebased rents, producing a total passing rent of £64,833 pax.
  • Furthermore, coral have not activated their 2020 break clause and time trap escape have recently re-geared their lease.
  • Our clients are seeking offers in excess of £1,000,000 (one million pounds) subject to contract and exclusive of vat.
  • A purchase at this level would reflect a net initial yield of 6.13%, after allowing for normal purchaser costs.

Property description

The property is of a brick construction and comprises a self-contained retail unit arranged over ground floor and basement with self-contained office accommodation on the first, second and third floors, accessed from Wiston Terrace. The property is serviced via the rear access from Wiston Terrace. The property is Grade II listed but is not in a conservation area.

Number of storeys
4
Rentable building area
4,514 sq ft
Year built
1990

Attachments

PDF #1 Marketing brochure/flyer Download

This office for sale is located in Reading.

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Disclaimer. Property descriptions, images and related information displayed on this page are based on marketing materials found on the website registered to Jackson Criss. Realla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact Jackson Criss for full details and further information.