27 - 29 Cross Street Reading RG1 1ST

27 - 29 Cross Street
Reading
RG1 1ST

Freehold Retail and Residential Investment

Let to Watches of Switzerland Company Limited until 2028 (subject to option)
Pedestrianised town centre location
Crossrail town. Reading to Bond Street in 54 minutes
50 metres from John Lewis and Primark and adjacent to Marks & Spencer
Other neighbouring occupiers include WH Smith, Sainsbury’s, Boots the Chemist, HSBC, Lloyds and Santander banks

Lot
10
Auction
18th October 2018
Rent
£55,730 per Annum Exclusive
Status
Sold
Price
£825,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Residential Investment

Let to Watches of Switzerland Company Limited until 2028 (subject to option)
Pedestrianised town centre location
Crossrail town. Reading to Bond Street in 54 minutes
50 metres from John Lewis and Primark and adjacent to Marks & Spencer
Other neighbouring occupiers include WH Smith, Sainsbury’s, Boots the Chemist, HSBC, Lloyds and Santander banks

Lot 10
Auction 18th October 2018
Rent £55,730 per Annum Exclusive
Status Sold
Price £825,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 25 miles south of Oxford, 42 miles west of Central London
Roads: A4, A33, A329, M4 (Junction 11)
Rail: Reading Railway and Crossrail
Air: London Heathrow Airport

Situation

Reading is a major regional commercial and retailing hub. The town will benefit from having a station on the new Elizabeth/Crossrail line, giving a journey time of 54 minutes to Bond Street (crossrail.co.uk). The property is prominently situated on the east side of pedestrianised Cross Street, adjacent to the entrance to Marks & Spencer and 50 metres from John Lewis and Primark. Other neighbouring occupiers include WH Smith, Sainsbury’s, Boots the Chemist, HSBC, Lloyds and Santander banks.

Tenure

Freehold.

Location

Miles: 25 miles south of Oxford, 42 miles west of Central London
Roads: A4, A33, A329, M4 (Junction 11)
Rail: Reading Railway and Crossrail
Air: London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation with basement ancillary accommodation. The upper floors comprise six self-contained flats all let on long leases.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises ground floor retail accommodation with basement ancillary accommodation. The upper floors comprise six self-contained flats all let on long leases.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
Ground Basement	Retail Ancillary	108.32 sq m 99.79 sq m	(1,165 sq ft) (1,074 sq ft)	WATCHES OF SWITZERLAND COMPANY LIMITED (1)	10 years from 03/05/2018 (2)	£55,250	05/05/2023 (04/05/2028)
First, Second & Third	Residential	6 x 1 Bedroom Flats		INDIVIDUALS	99 years from 24/06/2003 (3)	£480	(24/06/2102) 84 years unexpired
Total Commercial Area		208.11 sq m	(2,239 sq ft)			£55,730

(1) For the year ending 30th April 2017, Watches of Switzerland Company Limited (CRN 00146087) formerly Aurum Group Limited reported a turnover of £60,945,000, pre-tax profits of £15,041,000 and a net worth of £103,465,000 (Source: Experian Group 27/06/2018). Watchshop Limited was incorporated in 2007 and is a subsidiary company of Aurum Holdings Limited, whose brands include Watches of Switzerland, Goldsmiths and Mappin & Webb (www.aurumholdings.co.uk).
(2) The lease provides for a tenant option to determine on 04/05/2023 on not less than 6 months’ notice.
(3) The Seller has served notices on the residential tenants pursuant to section 5B of the Landlord and Tenant Act 1987.