OFFICE/WAREHOUSE POTENTIAL FOR RESIDENTIAL DEVELOPMENT FOR SALE

PhotographPhotograph for Information For Information Purposes Purposes Only. Only. Not Not to To Scale Scale 78-80 HIGH STREET RG7 5AR

OFFICE AND KEY POINTS WAREHOUSE WITH TYPE REDEVELOPMENT Currently office and warehouse use with POTENTIAL good car parking Potential for residential development STPP TENURE FREEHOLD May divide office (with residential PR rights) and warehouse (with redevelopment option) SITE AREA 0.119 HECTARES (0.293 ACRES) Conditional and unconditional offers invited BUILDING GROSS 720.00 SQ M Closing date for offers: INTERNAL AREA (7,752 SQ FT) 12 Noon Friday 8th March 2019

T: 0118 921 1515 W: haslams.co.uk Location

The property occupies a prominent position at the eastern end of the High Street in a mixed residential and commercial location. There is residential development to the front and commercial uses to either side of the property with open storage land to the rear.

The property offers easy access to the M4 motorway (Junction 12) and to the various retail, restaurant and other facilities available in Theale High Street. The major regional town of Reading with its multiple facilities, including the Oracle Shopping Complex and Reading Railway Station, lies approximately 2 miles to the east.

In the near future the £14.8bn service (Elizabeth line) will depart from Reading Railway Station twice an hour (four an hour at peak times), providing direct services through the city of London to Shenfield, with Bond Street accessible in under one hour.

Crossrail will deliver cutting edge, high capacity trains which will help reduce overcrowding at peak times and provide a cleaner, more environmentally friendly rail service into central London.

We would refer you to the location plan below for further information.

Plan For Information Purposes Only. Not To Scale

Description

A copy of an Ordnance Survey plan accompanying these particulars of sale shows the approximate boundaries of the property edged in red.

The property comprises a level triangular site on which sits a two storey office building attached to a largely single storey warehouse. There is a hard surfaced car park at the eastern end of the site and a further hard surfaced yard area in front of the warehouse for parking or other uses.

The buildings are of modern and traditional brick and block construction with a pitched tiled roof to the office and metal profiled roof to the warehouse.

The accommodation provides some 720 square metres (7,752 square feet) of floor space as follows:

Office - some 184 square metres (1,980 square feet) on the ground floor and 122 square metres (1,315 square feet) on the first floor.

Warehouse – some 368 square metres (3,956 square feet) contained within three rooms.

Mezzanine Store/Office – 46 square metres (500 square feet).

We would refer you to the photographs of the property accompanying these particulars of sale for further information.

Tenure

The property’s freehold interest is held under Registered Title No. BK171586. The property will be sold with full vacant possession given on completion.

Rating

The Rateable Value (RV) is £37,500. The Rating Authority is West Berks Council.

Energy Performance Asset Rating

Assessment rating: (E:105)

VAT

We understand that the property is not elected for VAT.

Planning

The property’s current lawful use is as offices and warehousing. We believe the offices were built in the 1980’s and extended subsequently to provide the warehouse buildings. Do note the property was previously used as a Texaco petrol filling station which we believe was constructed in the early 1960’s.

Pre-application planning advice has been sought from the Local Planning Authority which supports the principle of the property being redeveloped for residential use.

At the time of publication there is a planning application before the Local Planning Authority to demolish the warehouse to be replaced by a two and a half storey building containing 9 flats (4 2-beds and 5 1-beds) with car parking. The proposed GIA is 432 square metres (4,672 square feet). The application includes an indicative site layout plan and schedule of accommodation. All of the planning documents are included within the Technical Information Pack.

The policy requirement for the proposal is 30% affordable flats but the application includes a viability assessment supporting a justification to include zero affordable flats due to the value of the extant commercial use. In addition the principle of Vacant Building Credit should apply when assessing the development’s liability to CIL.

We believe the two storey office building, not included in the above planning application, has the benefit of PD rights for a change of use to residential.

The adjacent commercial property nos. 74-76 has planning permission for a small residential development.

Any planning related queries should be directed to the Local Planning Authority:

West Berkshire Council Civic Offices Market Street Newbury Berkshire RG14 5LD Telephone: 01635 519111 Web: www.westberks.gov.uk

Services

We are advised that mains electricity, gas, water and drainage services are connected 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 property is offered for sale by way of informal, non-binding tender with the vendor reserving the right not to accept the highest or any offer and also reserving the right to withdraw the property from sale or to vary the method of sale at any time without notice. In the event that a number of competitive offers are received, the vendor reserves the right to request ‘best and final’ offers from selected parties.

Offers are preferred for the freehold interest as a whole on a conditional on planning or unconditional basis subject to contract only.

Note: The vendor may consider selling the property as two separate lots namely the warehouse with a residential planning permission independent of the office building subject to the completion of suitable accommodation works. The office building would be subject to a separate sale.

All offers must be made in writing in sealed envelopes for a fixed sum.

Unconditional Offers If an unconditional offer is accepted, completion is to take place within four weeks of exchange of contracts with 10% payable on exchange and the full balance of the purchase price payable immediately upon completion of the sale.

Conditional Offers All conditional offers must be made net of anticipated S106/CIL costs and other anticipated abnormal costs associated with the development of the site. Any anticipated abnormal costs should be clearly quantified in the offer letters.

If a conditional offer is accepted, a 10% deposit will be payable upon exchange of unconditional contracts with completion to take place within four weeks of the grant of planning permission with the full balance of the purchase price payable immediately upon completion of the sale.

All conditional offers should include at least:

• Full details of the purchaser's proposed development scheme including the number, type and mix of units if different to that proposed in the planning application currently.

• The purchaser's proposed timetable and strategy for achieving planning permission.

All offers should state whether they are submitted with or without Board approval and whether they are dependent on Bank or similar finance being available with confirmation or proof of funding.

Written offers should be submitted by 12.00 noon on Friday 8th March 2019 marked “78-80 High Street Theale – Offer to Purchase” and addressed to:

Mr Steven Smith, Haslams Surveyors LLP, County House, 17 Friar Street, Reading, Berkshire, RG1 1DB. Technical Information Pack

A copy of the Technical Information Pack can be downloaded from Haslams Surveyors LLP’s website. Please visit www.haslams.co.uk. The Technical Information Pack includes:

1. Land Registry Freehold Title and Title Plan and Associated Documents 2. Existing Plans 3. Energy Performance Certificate 4. Asbestos Survey 5. LPA Pre-app Advice, Planning Application, Proposed Site Layout and Accommodation Schedule 6. Environmental Report 7. Historic Plans

Viewing And All Other Enquiries

All enquiries should be directed to the vendor’s sole agent:

Haslams Surveyors LLP County House 17 Friar Street Reading Berkshire RG1 1DB

Telephone: 0118 921 1500 (Switchboard) Fax: 0118 921 1501

Viewings of the property will be strictly by appointment only.

Email: [email protected] (joint agent) or [email protected] or [email protected]

Block viewings of the property will take place on the following days (No appointment necessary during these times):

Tuesday 12th February 2019 at 10.00am Tuesday 19th February 2019 at 10.00am Tuesday 26th February 2019 at 10.00am Tuesday 5th March 2019 at 10.00am

Please note that parties must not enter the property outside the block viewing times without our prior authority and any inspection of the site is at the prospective purchaser’s risk.

Misrepresentation Act 1967 – Haslams give notice that: 1. These particulars do not constitute any part of an offer or contract. 2. None of the statements contained in these particulars are to be relied on as statements or representations of fact; intending parties must satisfy themselves as to the correctness of each of these statements. 3. Haslams and their clients have no authority to make or give any representation or warranty in relation to the property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Consumer Protection from Unfair Trading Regulations 2008 – These details are believed to be correct as at February 2019 but may be subject to subsequent amendment. Any plans or drawings are indicative and for guidance only.

Particulars Printed February 2019

Steven Smith Ed Ponting

0118 921 1527 0118 921 1507 [email protected] [email protected]

MISREPRESENTATION ACT 1967 The particulars are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. Haslams Surveyors LLP County House 17 Friar Street Reading RG1 1DB Front view of property

View of the property from the road looking west Internal view of property

Front view of property from the road

Drawing not to scale