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
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.
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.
