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
    18/Oct/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
  • 27 - 29 Cross Street<br>Reading<br>RG1 1ST
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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.

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

FloorUseFloor Areas (Approx)TenantTermRent 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)
£55,25005/05/2023
(04/05/2028)
First, Second
& Third
Residential

6 x 1 Bedroom Flats

INDIVIDUALS99 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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    05.10.18
    File Size
    32 MB
    Login to View
  • Catalogue Page
    Updated Date
    26.09.18
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    26.09.18
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Horsey Lightly Solicitors 2 West Mills
Newbury
Berkshire
RG14 5HG
01635 517220
John Trehearne 01635 517115jtrehearne@horseylightly.com

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