Market St
Bracknell RG12 1JG

Gowring House · Retail Property For Sale

INVESTMENT HIGHLIGHTS

  • Located close to a local shopping centre
  • Refurbished in 2014
  • Excellent local transport links

EXECUTIVE SUMMARY

An opportunity to acquire the Freehold interest of Gowring House, a multi-let commercial and residential investment, located on Market Street in the Centre of Bracknell.
Guide Price of £2,500,000 for the freehold interest. It is assumed that the sale will be treated as a TOGC (Transfer of Going Concern). We understand that section 5 notices will need to served upon the residential lessees on acceptance of an offer for the freehold interest.
Gowring House is a block of 30 residential apartments above 3 commercial retail units, located in a prime position on Market Street in Bracknell and close to the station. The building, originally constructed in the 1960s, was extensively refurbished in 2014 and converted to residential and retail use, by the current owners. The property occupies a prime position on Market Street opposite two residential development sites where some 430 apartments having recently been built.
The three ground floor commercial units are fully let with commercial tenants including Dignity Funerals and produce £99,250 per annum. On the upper floors 25 of the apartments have been sold on 125 year leases from 2014, producing £8,200 per annum in ground rent. The current owners have retained apartments 8, 17, 22, 23 & 28 which are let on assured shorthold tenancies and will be included in the sale. The income from these apartments is £60,900 per annum, together with a further £4,791 per annum from 12 x parking spaces. The total income for the building is £173,141 per annum.

PROPERTY FACTS

Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Residential
Building Size
15,050 SF
Building Class
B
Year Built/Renovated
1965/2014
Price
$3,121,500
Price Per SF
$207
Cap Rate
6.93%
NOI
$216,184
Percent Leased
100%
Tenancy
Multiple
Building Height
6 Stories
Building FAR
2.09
Lot Size
0.17 AC
Parking
8 Spaces (0.53 Spaces per 1,000 SF Leased)
Frontage
70 FT on Market St

AMENITIES

  • Bus Line
  • Commuter Rail
  • Dedicated Turn Lane
  • Storage Space
  • Balcony
  • Listing ID: 33065388

  • Date on Market: 9/5/2024

  • Last Updated:

  • Address: Market St, Bracknell RG12 1JG