Riverside Central, Duke Street Reading RG1 4SA
England, • Hotel • offers in excess of £7,000,000
About this listing
• Prominent riverside facing residential development opportunity located within Reading Town Centre. • Situated 0.3 miles from Reading Railway Station (5 minute walk) which offers direct trains into central London in 25 minutes. • The introduction of Crossrail will provide direct services from Reading to central London, the West End and the City. • Existing vacant office building measuring 34,746 sq ft GIA / 26,953 sq ft NSA. • Freehold. • The existing building benefits from Permitted Development Rights to convert to 77 flats - 25 x studios, 45 x 1 bed, 5 x 2 bed and 2 x 3 bed with a total proposed NSA of 26,953 sq ft. • A further planning application has been prepared to add 3 additional storeys to provide 27 flats - 3 x studios, 15 x 1 bed, 9 x 2 bed with a proposed NSA of 15,371 sq ft which will be subject to an overage. • We understand the property is elected for VAT. • We are instructed to seek offers in excess of £7,000,000 (Seven Million Pounds), subject to contract, with an overage payable should the additional planning for 27 flats be granted within 12 months from completion.
NIY (on NOI)
offers in excess of £7,000,000