149-150 Friar Street & 2-4 Queen Victoria Street, Reading, Berkshire, RG1
Offers in Excess of
£1,325,000
Business rates & charges may apply
- SIZE
Ask agent
- SECTOR
High street retail property for sale
Key features
- Freehold retail investment with architectural charm located in a prominent corner position in Reading town centre
- Income from 3 tenants currently producing £120,500 per annum with a WAULT of 7.6 years to expiry and 1.7 years to break
- Situated close to Reading station and The Oracle Shopping Centre
- Offers are invited in excess of £1,325,000, which represents a gross yield of 9.1%
Description
Freehold retail investment located in a prominent corner position in Reading town centre. Income from 3 established tenants currently producing £120,500 per annum. Offers are invited in excess of £1,325,000, which represents a gross yield of 9.1%.
Location - The property occupies a prominent position at the junction of Friar Street and Queen Victoria Street in the heart of Reading town centre. Friar Street is one of Reading’s principal retail and leisure thoroughfares, benefiting from strong footfall and excellent visibility. The property is well connected, located approximately 200 metres from Reading Station, providing direct services to London Paddington on the Elizabeth Line in under 25 minutes as well as connections to the wider Thames Valley and national rail network.
Please note all times and distances given are approximate only.
Description - The property comprises a terrace of retail units fronting Friar Street, together with additional retail accommodation on Queen Victoria Street and self-contained upper parts.
149 Friar Street is arranged over ground and basement levels and is let to SSR Photo Ltd (t/a Snappy Snaps). The unit provides a well-configured ground floor retail area with ancillary accommodation in the basement. The property is let on a 10-year lease from July 2022 with a current passing rent of £50,000 per annum. There is a rent review in July 2027 and a break clause in March 2027.
150 Friar Street is also arranged over ground and basement floors and is let to JT Sushi Ltd (t/a You Me Sushi). The unit is fitted to a high standard as a quick-service restaurant with ground floor trading and basement storage/preparation space. The property is let on a 15-year lease from June 2022 with a current passing rent of £45,000 per annum. The next rent review is in June 2027 and there is a break clause in June 2027.
2 Queen Victoria Street comprises a small ground floor retail unit let to Phone Spa Ltd (t/a The Phone Spa), benefiting from a return frontage onto the busy pedestrian route linking Friar Street with Broad Street. The property is let on a 10-year lease from July 2017 with a current passing rent of £25,500 per annum.
4 Queen Victoria Street provides ground and basement accommodation, currently let to a private individual trading as a Turkish Barber. This part has been sold off on a 999-year lease.
The upper floors, known as The Dog House, are self-contained offices accessed separately, currently let to TCN UK Ltd. This part has been sold off on a 999-year lease.
All interested parties are advised to rely on their own inspection and survey.
Tenure - The freehold interest is to be sold subject to the existing tenancies.
Vat - We have been informed that property is elected for VAT.
Terms - Offers are invited in excess of £1,325,000, which represents a gross yield of 9.1%.
Viewings - Viewings are strictly by appointment through sole agents Harston&Co.
Location - The property occupies a prominent position at the junction of Friar Street and Queen Victoria Street in the heart of Reading town centre. Friar Street is one of Reading’s principal retail and leisure thoroughfares, benefiting from strong footfall and excellent visibility. The property is well connected, located approximately 200 metres from Reading Station, providing direct services to London Paddington on the Elizabeth Line in under 25 minutes as well as connections to the wider Thames Valley and national rail network.
Please note all times and distances given are approximate only.
Description - The property comprises a terrace of retail units fronting Friar Street, together with additional retail accommodation on Queen Victoria Street and self-contained upper parts.
149 Friar Street is arranged over ground and basement levels and is let to SSR Photo Ltd (t/a Snappy Snaps). The unit provides a well-configured ground floor retail area with ancillary accommodation in the basement. The property is let on a 10-year lease from July 2022 with a current passing rent of £50,000 per annum. There is a rent review in July 2027 and a break clause in March 2027.
150 Friar Street is also arranged over ground and basement floors and is let to JT Sushi Ltd (t/a You Me Sushi). The unit is fitted to a high standard as a quick-service restaurant with ground floor trading and basement storage/preparation space. The property is let on a 15-year lease from June 2022 with a current passing rent of £45,000 per annum. The next rent review is in June 2027 and there is a break clause in June 2027.
2 Queen Victoria Street comprises a small ground floor retail unit let to Phone Spa Ltd (t/a The Phone Spa), benefiting from a return frontage onto the busy pedestrian route linking Friar Street with Broad Street. The property is let on a 10-year lease from July 2017 with a current passing rent of £25,500 per annum.
4 Queen Victoria Street provides ground and basement accommodation, currently let to a private individual trading as a Turkish Barber. This part has been sold off on a 999-year lease.
The upper floors, known as The Dog House, are self-contained offices accessed separately, currently let to TCN UK Ltd. This part has been sold off on a 999-year lease.
All interested parties are advised to rely on their own inspection and survey.
Tenure - The freehold interest is to be sold subject to the existing tenancies.
Vat - We have been informed that property is elected for VAT.
Terms - Offers are invited in excess of £1,325,000, which represents a gross yield of 9.1%.
Viewings - Viewings are strictly by appointment through sole agents Harston&Co.
Brochures
149-150 Friar Street & 2-4 Queen Victoria Street, Reading, Berkshire, RG1
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Reading Station0.2 miles
- Reading West Station0.8 miles
- Reading Green Park Station2.4 miles
Notes
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