149-150 Friar Street & 2-4 Queen Victoria Street
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149-150 FRIAR STREET & 2-4 QUEEN VICTORIA STREET READING RG1 1TG PRIME MIXED USE INVESTMENT WITH RESIDENTIAL DEVELOPMENT CONSENT INVESTMENT SUMMARY > A rare prominent freehold mixed use block located in a major south east town set to benefit from major infrastructure improvement > The attractive listed Victorian property comprises ground floor retail with the upper parts benefitting from planning permission for residential use comprising 7 x 2 bed units > Situated on a major retail thoroughfare in Reading town centre that links the train station with Broad Street and the Oracle Shopping Centre > Freehold > Total income £135,000 per annum and a WAULT of 8.24 years to expiry and 4.72 years to break > Offers sought in excess of £3,000,000 (Three Million Pounds) for the Freehold interest in the property subject to contract and exclusive of VAT. A purchase at this level will reflect a NIY of 6.25% and £195 per sq ft on the upper floors, after purchaser’s costs of 6.45% A5 M1 LUTON A44 M40 LONDON LUTON DUNSTABLE A429 A41 LONDON OXFORD A1 (M) LOCATION AYLESBURY HEMEL ST A40 HEMPSTEAD ALBANS A414 OXFORD HATFIELD Reading is a dominant regional retailing destination and the largest economic and commercial AMERSHAM M25 centre in the South East outside of London, located within Berkshire in the Thames Valley. The M40 A420 HIGH M1 town is located 41 miles (66 km) west of Central London, 25 miles (40 km) south of Oxford and WYCOMBE M25 18 miles (29 km) north of Basingstoke. WATFORD MARLOW HENLEY MAIDENHEAD Reading benefits from excellent transport links. It is located at the eastern end of the M4 SWINDON -ON-THAMES SLOUGH WEST corridor adjacent to junction 10, 11 and 12 of the M4 which provides access to the M25 and A343 DRAYTON READING M4 wider UK motorway network. The A33 runs north from the M4 and provides access to the LONDON town centre. Heathrow Airport is located 26 miles (42 km) east of Reading and Gatwick Airport M4 HEATHROW is located 56 miles (90 km) to the south east, both provide domestic and international flights. A346 BRACKNELL NEWBURY A322 Reading Railway Station is less than a 5 minute (0.1 miles) walk from the property. It is one M25 A339 A33 of the busiest transport hubs in the UK with over 20 million passengers a year. In 2014 it M3 A343 underwent a major upgrade at a cost of £895 million. The station connects Reading to London A3 A24 Paddington, Birmingham and Cardiff with a direct service to Paddington every 10 minutes with A338 BASINGSTOKE REIGATE a fastest journey time of 25 minutes. Network Rail is electrifying the Great Western Main Line ANDOVER FARNHAM GUILDFORD M23 between London, Oxford, Bristol and Cardiff which will improve journey times and capacity of A303 A303 GATWICK this service. M3 ALTON A3 CRAWLEY A31 The Elizabeth Line (Crossrail) will be operational from Reading Station as of December 2019, SALISBURY allowing passengers to travel directly into Central London and beyond to a total of 40 stations, WINCHESTER SOUTH DOWNS A23 NATIONAL PARK A272 without the need to change at Paddington. There will be up to 16 trains per hour to London PETERSFIELD with journey times set out below. STRATFORD 69 MINS BRISTOL PARKWAY SWINDON DIDCOT MAIDENHEAD SLOUGH LONDON PADDINGTON PADDINGTON TOTTENHAM LIVERPOOL 70 MINS 30 MINS 15 MINS 15 MINS 20 MINS 28 MINS READING 50 MINS COURT ROAD STREET SHENFIELD 55 MINS 61 MINS 102 MINS GREAT WESTERN LINE ABBEY WOOD MAIDENHEAD SLOUGH BOND STREET 80 MINS 12 MINS 21 MIN 53 MINS BRISTOLREADING PARKWAY SWINDON DIDCOT MAIDENHEAD SLOUGH LONDON PADDINGTON 70 MINS 30 MINS 15 MINS 15 MINS 20 MINS 28 MINS EALING FARRINGDON CANARY READING HEATHROW BROADWAY 58 MINS DLR WHARF ELIZABETH LINE (DUE 2019) AIRPORT 42 MINS 38 MINS GREAT WESTERN LINE LOCATION (CONT.) Reading has a strong economy and been the hub of economic growth and investment in the Thames Valley. It was named the best place to live and work in PwC’s Good Growth for Cities Index of the 36 largest economic areas in the UK. Its strategic location attracts a highly affluent and educated workforce supported by world-class universities such as the University of Reading and Oxford University. The service sector accounts for 72% of employment, significantly above average for comparable retail centres and Professional & Business Services and Finance sectors account for nearly 20%. It is home to the European and Global Headquarters of more than 200 Fortune 500 companies as well as a high concentration FTSE 100 companies including Deloitte, PwC, EY, Prudential, Huawei, Microsoft, Symantec, Pepsico, P&G, Oracle, Cisco and Gillette. Whilst the town’s proximity to London means that there are a high number of commuters to the capital within the catchment, the town has a positive daily inward commuter flow. This is largely due to Reading’s well established office market. Reading has benefited from a host of inward investment including major infrastructural improvements and proposed major regeneration schemes such Station Hill, a 3.5 acre site in close proximity to the train station and subject property and includes 930,000 sq ft of offices, 150,000 sq ft of retail and 475 residential units. In recent months Reading has seen further growth of the City Centre with the success of M&G’s Fordbury Place with Building No.1 comprising 185,000 sq ft is now fully let to Scottish and Southern Energy (SSE) and Thames Tower located adjacent to the Reading Station attracting new occupiers including HSBC, BDO, Austin Fraser and Objective Corporation. Similar success can also been seen in the surrounding business parks, Green Park, Winnersh Triangle and Thames Valley Park. Green Park currently has an occupancy rate of over 92% following some new lettings and expansion deals to existing occupiers Proofpoint and Datto. 19 22 20 6 21 7 17 1 18 8 3 16 4 2 12 9 5 10 KEY 1. Subject Property 11 2. Queen Victoria Street 3. Friar Street 4. Hotel IBIS 5. Hotel Novotel 6. The Town Hall 7. Reading County Court 8. Marks & Spencer 15 9. Primark 10. John Lewis 11. Broad Street 12. The Oracle 13. Broad Street Mall 14. West Street 15. Sainsburys 16. NCP Car Park 17. Thames Tower 14 18. Station Hill Development (Shaded Yellow) 19. Forbury Place 20. Forbury Square 13 21. Reading Station 22. Reading Station Multi Storey Parking For Indicative purposes only. Reading DEMOGRAPHICS N Reading has a total population within its primary catchment of 698,000 with an estimated shopping population of 401,000 (17th of PROMIS centre) and its dominance draws people from competing centres such as Swindon, Slough and Newbury. Within a 30 minute drive, there is c. £4bn of retail and leisure spend per annum. Reading has a significantly above average proportion of its population within the most affluent AB social group whilst there is an under-representation of the least affluent C2 and D&E categories. Reading is projected to see above average growth in population over the period 2016-2021. SITUATION The property occupies a prominent corner site in a strong secondary pitch at the junction of the pedestrianised Queen Victoria Street and Friar Street. Friar Street runs parallel to Broad Street and Queen Victoria Street connects the two streets. Its location ITSU between the town centre and Reading Station allows the property to benefit significant footfall which is set to be boosted by the delivery of Crossrail and Station Hill scheme. Nearby occupies include Caffè Nero, Greggs, Rush Hair, Starbucks and Ladbrokes. Experian Goad Plan Created: 26/09/2017 50 metres Created By: GVA Copyright and confidentiality Experian, 2017. © Crown For more information on our products and services: copyright and database rights 2017. OS 100019885 www.experian.co.uk/goad | [email protected] | 0845 601 6011 DESCRIPTION The property comprises an attractive five storey Grade II listed block benefitting from dual aspect onto Queen Victoria Street and Friar Street. The accommodation is provided through four well configured ground floor retail units with ancillary basement space and vacant offices on the upper floors benefitting from separate accesses. The property benefits from planning permission (ref. 170211) for alterations associated with conversion of office accommodation at first, second and third floors to create 7x2 bed residential units with part of ground floor and basement for ancillary storage space. Further information is available on request. QUEEN VICTORIA STREET H1100 04 H1080 04 RAD RAD RAD RAD 04 04 ACCOMMODATION Chimney T05 T04 T03 T14 Bedroom Bedroom Kitchen/ Master Dining Bedroom The current accommodation provides the following NIA areas: DT-13 03 DT-13.1 02 T13 T13.1 05 FRIAR STREET DT-15 Stairwell Store DT-05 DT-04 T15 T05.1 DT-03 Description Floor Use NIA (Sq ft) ITZA Chimney Bathroom Bathroom T02 Hall DT-05.1 Flat 3A Chimney T16 01 Shower 62.7sqm 06 2 Queen Victoria Street Ground Retail 169 169 DT-02 07 DT-01 fd30 T01 4 Queen Victoria Street Ground Retail 257 246 T09 T06 Stairwell Lobby H75 Bedroom RAD Basement Storage 285 DT-10 NEW RAD Flat 3B 08 DT-09 67sqm Lightwell 149 Friar Street Ground Retail 524 459 T10 09 Chimney Hall Basement Storage 593 DT-12 DT-11 NOTES T11 DT-11.1 T12 150 Friar Street Ground Retail 789 431 THIRD FLOOR Bedroom Kitchen / RAD RAD 10 Living 1. Existing staircase retained. T11.1 2. New partitions to form bathroom. Tiled floor to bathroom.Partition build-up Basement Storage 242 to accommodate drainage and sanitary pipework. New door to bathroom.