Oxford Court, Oxford Square, 21-23 The Broadway, Newbury, West Berkshire, RG14 1AS

Situation

Located in the affluent and attractive market town of Newbury in the County of Berkshire.
Newbury is the main commercial centre for West Berkshire.

The local economy is inter-related to the M4 corridor which has numerous industrial, logistical, research and office business parks including the headquarters of Vodaphone. It has a resident population of approx 40,000 with a retail catchment of approx 115,000 and is rated within the top 10 most affluent towns on the Promis PMA indicator.

The town benefits from excellent road and rail communications and is served by the A34/ A339 which provides access to neighbouring towns of Oxford, Reading and Basingstoke. Newbury mainline Railway Station is on the Paddington / Penzance line.



Description

21 - 23 The Broadway is arranged over ground, first and part second floor. The building constructed of brick with a pitched tiled roof.

The ground floor comprises modern ground floor retail unit with the upper floors converted to residential accommodation

To the rear of the building there are 4 parking spaces with a further 7 parking spaces located within the Oxford Square private car park

The Residential Upper Parts are sold off on long leases of 125 years from 1/1/2013 with ground rents payable of £200 per annum each

The ground floor is let to Roderick Anthony Limited for a term of 10 years from the 1st April 2024. The rent currently payable is £24,000 per annum exclusive but this rises to £25,000 in April 2027 with a rent review in 2029. The tenant has been in occupation since 2013.

5 Parking spaces are rented out to local companies producing £5,100 per annum exclusive.

The total income is currently £29,700 per annum exclusive rising to £30,700 per annum exclusive in April 2027.


Proposal

We are seeking offers in excess of £250,000, for the long lease (999 years from 21st March 2005) which reflects a Net Initial Yield of 11.3% rising to 11.7 in April 2027.

The property is owned in a Special Purpose Vehicle (SPV) which can be purchased saving stamp duty making the initial net return in the region of 11.8%.

VAT is applicable

Viewing

Contact Shane Prater on or Email

Service Charge

A service charge is payable for the property to include the car park. The current service charge for the estate is £3,406.38 plus £2,211 for the car parking. These costs are paid by the tenants.