119 Wokingham Rd | Reading RG6 1LH
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119 Wokingham Rd
Reading RG6 1LH
Retail Property For Sale
Investment Highlights
- Prominent corner position close to University of Reading
- Shop with first floor flat above currently let
- Double garage with workshop to rear
- Income producing development / conversion opportunity (STP)
Executive Summary
119 Wokingham Road comprises a ground floor retail unit with a flat above which is currently let and income producing. 1 Pitcroft Avenue provides two single lock up garages which are also let out.
The property as a whole offers a future conversion and development opportunity, subject to planning. Plans have been produced for a scheme which would retain a ground floor shop at the front, with 3-flats above (2x2-bed and 1x1-bed) and 3x2-bed terrace houses. A copy of the plans are available upon request.
We understand the ground floor shop (119 Wokingham Road) is let to Sue Ryder on a 5-year Internal Repairing & Insuring lease (contracted outside the L&T Act) from 5th February 2022 with a mutual break after 3 years at an annual rent of £14,000 pax.
The first floor flat (1a Pitcroft Avenue) is let on a shorthold tenancy agreement at £12,600 pax.
The two single lock-up garages at 1 Pitcroft Avenue generate a rental income of £960 per annum.
The property as a whole offers a future conversion and development opportunity, subject to planning. Plans have been produced for a scheme which would retain a ground floor shop at the front, with 3-flats above (2x2-bed and 1x1-bed) and 3x2-bed terrace houses. A copy of the plans are available upon request.
We understand the ground floor shop (119 Wokingham Road) is let to Sue Ryder on a 5-year Internal Repairing & Insuring lease (contracted outside the L&T Act) from 5th February 2022 with a mutual break after 3 years at an annual rent of £14,000 pax.
The first floor flat (1a Pitcroft Avenue) is let on a shorthold tenancy agreement at £12,600 pax.
The two single lock-up garages at 1 Pitcroft Avenue generate a rental income of £960 per annum.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
2,062 SF
Building Class
B
Year Built
1902
Price
$877,159
Price Per SF
$425
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Frontage
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