Land With Hoardings At Corner Of Bridge Street And, Caversham, Reading, RG4 8AE

Key Points

Location and Description

The property comprises a triangular shaped parcel of land located at the corner of Bridge Street and Church Road in the heart of Caversham and lies about one mile north of Reading town centre. The surrounding property is of a mixed retail and commercial character.

It occupies a prominent corner site fronting a very busy three-way junction providing access to Caversham centre, Reading centre (Bridge Street) and the A4074 (Church Road) which leads to Wallingford and Oxford to the north. There is a pedestrian access to the site only.

The site has for many years been occupied by three 48-sheet advertisement hoardings but may have the potential to be used for an alternative use or could be reconfigured to accommodate a multimedia digital sign subject to planning permission.

The location of the site can be seen on the plan within the particulars of sale.

Tenure

The property will either be sold freehold with full vacant possession or subject to the existing licences or let with vacant possession if required.

The site is currently subject to three licences as follows:

- The existing three hoardings are held by JCDeaux under a yearly licence dated 13th April 2021 paying £5,000.00 per annum exclusive given on completion. The licence can be terminated on three months’ written notice to be served at any time.

- The are two other licences granting a right of way across the site to the adopted highway in favour of the occupiers of two adjacent properties (Thai Table 8 Church Road and Former Barclays Bank 2 Church Road). The right granted under each licence is limited to being used in the event of fire or other emergency and on foot only. The licence fee is £186.67 per annum for 8 Church Road and £750.00 per annum for 2 Church Road. Either licence can be terminated on three months’ written notice to be served at any time.

- Note: Both right of way licences have not been formally terminated but are in effect already ended as each licence was granted personally to the licensee who were the lessees of the two properties but neither licensee remains in occupation which in practice terminates the agreements. There have been no negotiations to renew the licences with the current occupiers of each property.

Planning

The property has been used for advertisement hoardings for many years with the benefit of an historic planning permission.

The property is located within the recently enlarged Caversham St Peter’s Conservation Area.

Planning permission was granted in 2009 to allow the adjacent Bank to erect on the site a steel security cage linked to the emergency right of way licence.

There is no other planning history with the property.

Services

Mains electricity, water and drainage services are available in the vicinity for connection to the property. However, prospective purchasers are advised to make their own independent enquiries of the individual authorities to verify the capacity and availability of such services.

Disposal

The vendor will consider bids on several bases as follows:-

- For the freehold with vacant possession provided on completion;
- For the freehold subject to some or all of the licences;
- The above bids can be unconditional or subject to planning permission;
- For a lease on terms, duration and rent, to be offered and negotiated with vacant possession provided on completion.

With any offer requiring vacant possession, the vendor will terminate all licences formally to ensure possession will be available on completion.

Method of Sale

Written Offers for the property are invited by 12 Noon on February 16th 2022. Full details of the Method of Sale can be found within the Particulars of Sale.

All offers are to be submitted electronically to Mr Steven Smith, Haslams Surveyors LLP.

Note 1: The vendor undertakes the right to not accept the highest bid or to require selected bidders to submit further bids by a date to be agreed or to withdraw the property from disposal without notice at any time.

Note 2: In accordance with the Council’s Third Sector Premises Policy, the Property is also advertised by Reading Voluntary Action on www.rva.org.uk News and Information. This includes full details of how to obtain a Third Sector application form, guidance, scoring and accompanying information. Deadline for submissions of bids will be 12noon February 16th 2022.

Technical Information Pack

A copy of the Technical Information Pack is available to interested parties upon request from the vendor’s sole agent Haslams Surveyors LLP.

The TIP contains the following information:

1. Copy of the two right of way licences;
2. Copy of the licence to JCDecaux for the advert hoardings;
3. Planning permissions granted to the Bank for the security cage;
4. Legal titles (Note: Currently held under three different titles BK432572, BK432565 and BK432510).
5. St Peter’s Conservation Area Appraisal

Viewing And All Other Enquiries

All enquiries should be directed to the vendor’s sole agent Haslams Surveyors LLP.

Viewings can be carried out at any time at your own risk. There is a gate between two of the hoardings that provides access to the rear part of the site.