A major freehold town centre development opportunity in Reading, Berkshire, will go under the hammer in the December Acuitus auction with a guide price of £3.85m.
The 0.4-acre site, which is occupied by close to 50,000 sq ft of vacant property, fronts on to Friar Street and Market Place (lot 16, pictured). It is being offered with planning permission granted for a 182-bedroom hotel, together with shops and flats.
Acuitus director Charlie Powter said: “This is an exceptional opportunity in the heart of one of the Thames Valley’s most affluent towns. As international travel recommences, newly developed hotels will be in great demand in major towns around London.
“At the same time, this site would lend itself to a major alternative residential-led scheme given its strategic location being a short walk from the station, prime retail, leisure and office areas in Reading town centre ”.
The live-streamed auction on 13 December will feature 43 lots, with the Reading opportunity being the largest.
Another lot with major development potential comprises two large shops with a separately accessed pilates studio and offices above in Weybridge, Surrey. It currently produces an annual income of £183,300 and is being offered with a guide price of £2.5m-£2.75m (lot 12). In the longer term, it provides a development and change-of-use opportunity on the upper parts and a site to the rear of the property.
Acuitus director David Margolis said: “A lawful development certificate was granted by Elmbridge Borough Council in October 2016 for change of use of the first floor to create two flats with retail use to remain on the ground floor, unlocking its future development potential.”
Elsewhere, a banking investment in Wembley, north London, let to Bank of Scotland until 2027 with no breaks is being offered with a guide price of £1.5m-£1.6m (lot 11). It produces an annual income of £102,000.
Acuitus chairman Richard Auterac said: “We have seen investor sentiment towards commercial property strengthen across the course of the year. Appetite for retail assets in particular has significantly increased, while properties that offer asset management and development potential have also been in demand.”
Other lots in the sale include:
- Lot 18, Northwich, Cheshire: A virtual freehold office investment let to Whittingham Riddell until 2030. Producing £138,000 pa. Guide price: £1.4m
- Lot 10, Holloway Road, N7: Freehold retail and residential investment let to The Works with four flats above (two let on ASTs). Producing £127,000 pa. Guide price: £1.6m-£1.7m
- Lot 20, Dundee, Scotland: Substantial high-yielding 530,000 sq ft Wellgate shopping centre investment let to occupiers including Iceland, B&M, Superdrug and Poundland. Producing £1.34m pa (gross). Guide price: £500,000
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
