Reading - 37 Broad Street

Location:

Reading is a popular regional retailing destination and a major commercial and administrative centre for the Thames Valley Region. The town is strategically located 41 miles (66km) west of Central London, 25 miles (41km) south east of Oxford and 80 miles (130km) east of Bristol.

The town benefits from excellent transport links. By road, the town is easily accessed via Junctions 10,
11 & 12 of the M4 motorway which connects London to South Wales and gives Reading easy access to the
M25 and wider motorway networks. By air, Heathrow Airport is some 29 miles (47km) to the east.

Reading Railway Station is a 5 minute (0.2 mile) walk from the property and provides services into London
Paddington in less than 30 minutes. With the extension of Crossrail to Reading in Autumn 2019, passengers
will be able to travel into, and beyond Central London without the need to change at Paddington, providing
direct links to the City and West End.

Reading has a very strong local economy. The service sector accounts for 72% of local employment which is significantly above average for comparable retail centres. The Professional & Business Services and Finance sectors together account for nearly 20% of total employment. The town is home to numerous British companies and the UK offices of many foreign multi-nationals such as Delloitte, PwC, EY, Prudential, Huawei, Cisco Systems, Verizon, Microsoft, Symantec, Oracle, Jacobs, Mabey, Bang & Olufsen, Pepsico, P&G and Gillette.

  • Situation

    The property occupies a prime, pedestrianised retailing pitch on the northern side of Broad Street opposite John Lewis and Gap. Other retailers in close proximity are M&S, GAP, Primark, Itsu, Pret-a-Manger, HSBC, Lloyds Bank, Clarks and WH Smith.

  • Description

    The building comprises a three storey Victorian, midterraced building. It is arranged over ground floor retail with first floor ancillary. The basement, second and third floors are unused and not rentalised. The property is serviced via Broad Street.

  • Tenure

    Freehold.

  • Accommodation:

    Ground Floor Sales 648 sq. ft. 60.2 sq. m
    First Floor Ancillary 421 sq. ft. 39.1 sq. m
    Second Floor (unused) 466 sq. ft. 43.3 sq. m
    Third Floor (unused) 338 sq. ft. 31.4 sq. m
  • Tenancy (ies)

    The entire property is let to TCCT Retail Ltd t/a Thomas Cook for a term of 10 years from 28 January 2019 and expiring 27 January 2029. There is a tenant only break option on the 5th anniversary of the lease and a rent review on the same date. The break option is subject to 6 months prior written notice and a break penalty of £22,500 (Twenty Two Thousand and Five Hundred Pounds) payable to the landlord.

  • Current Rent PAX

    90000

  • VAT

    The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).

  • Price

    £1,540,000 (Subject to Contract and exclusive of VAT )

  • Yield

    5.50%

MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.

All viewings are strictly by prior appointment.
Please contact:

David Freeman
Ed Smith
Patrick Over
Harry Silcock