An expected jump in residential values in Reading following the arrival of Crossrail has prompted a vendor to put an office-to-residential opportunity in the Berkshire town under the hammer.
Savills will offer the 19,833 sq ft 36-43 Market Place in the heart of the town with a guide price of £4.1m at its final auction of the year.
The price sought for the part-vacant retail and an office block, which in its current guise generates income of £150,500 pa, reflects a 4% yield.
Consent for conversion to 36 homes was granted last month and leases begin to expire from 2015. Homes near Reading station are anticipated to rise in value by 15% over the next five years, according to CBRE.
Savills auctions director Paul Mooney said: “Transport improvements in Reading will have an influence on this lot and we expect interest from both local and London developers.”
Another highlight among the 138 lots being offered is a 4.1-acre development site in Wisbech, Cambridgeshire, which has consent for 83 houses and 11 flats. The scheme, being sold on behalf of a private individual, has an estimated GDV of £12m and is expected to attract bids in excess of £2.5m.
The auction will take place on 8 December at the London Marriott Hotel, W1, on 8 December.
