Summary
The property comprises a four-storey mixed use building of brick construction. The property is accessed via pedestrian entrances from Merchants Place. Internally the upper floors provide modern and comprehensively refurbished office suites with WCs on each floor, new air conditioning, LED lighting, carpeting and windows throughout with a kitchen breakout room and shower facility on the first floor with each floor separately metered. A long-established hair & beauty salon resides in the self-contained ground floor retail unit below, with its own facilities, separately metered.
Key Points
Rare office freeholdHigh quality refurbished suitesPart-tenanted, incoming-producing investmentResidential, office & retail micro locationDevelopment potential (STP)60 seconds from Reading StationAdjoins the Station Hill town centre regeneration scheme
Lease Summaries
The property is part-let as follows:
Demise: Ground Foor Retail Unit (only) – 1,069 sq ft
Tenant: Ruby Reds Limited (co. # 12205451)
Term: 10 years, commencing 14/01/2020
Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954.
Passing Rent: £14,157.60 p.a.x. (£13.25 psfx)
Rent Review: 14/01/2025 – uplift to £18,705 p.a.x anticipated (£17.50psfx) Negotiations commenced
Copy of the lease is available on request.
Demise: First Floor North Office Suite (only) – 645 sq ft
Tenant: Extend Robotics Limited (co. # 12171849)
Term: 3 years commencing 01/06/2022
Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
Passing Rent: £13,515 p.a.x. (£21.00psfx)
Copy of the lease is available on request.
NB: Tenant would be willing to surrender lease early
(ALL OTHER FLOOR AREAS ARE VACANT)
Tenure
The property’s freehold is held under Registered Title No. BK292614.
Terms
The freehold interest is for sale at £850,000 (Eight Hundred and Fifty Thousand Pounds) subject to contract.
Business Rates (2023/2024)
The Rateable Value for the property is:
Offices - £37,000
Retail unit - £5,900
Legal Costs and VAT
Each party to bear their own legal costs.
This property is not elected for VAT.
Services
We are advised that mains electricity, super-fast fibre broadband, water and drainage services are connected, gas has been disconnected but could be reinstated.. However, prospective purchasers are advised to make their own independent enquiries of the individual authorities to verify the capacity and availability of such services.
Specification
- Self-contained floors
- Exposed services
- Communal kitchen breakout room
- Super-fast fibre broadband
- New air conditioning
- New LED Lighting
- New double glazing and window frames
- CAT 6 Cabling throughout
- Separately metered floors
Viewing And All Other Enquires
Please contact the sole agents for further information or an appointment to view.
Anti-Money Laundering Regulations
To comply with Anti Money Laundering regulations, Haslams Surveyors LLP undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.
Location
Merchant’s House is situated in the heart of Reading's town centre, surrounded by an abundance of amenities, adjacent to the new Station Hill development and within walking distance to nearby green spaces, leisure facilities and the scenic River Thames & Kennet. The building is a 60 second walk from Reading Station, which provides direct trains to London Paddington and across the national rail network.
The area also boasts a range of nearby cafes, restaurants, and retail outlets. The M4 is easily accessible via the A33 and the A329 is 2.4 miles to the East allowing for quick travel to surrounding areas.