173-175 Friar Street & 27-32 Market Place
Reading
Berkshire
RG1 1HE

Major Freehold Town Centre Development Opportunity with Planning Consent Granted

  • Major Development Opportunity with Planning Permission granted for 182 bed hotel, together with bar/restaurant/gym, E Use Class units and 8 residential units
  • Highly Prominent Corner Location in the Heart of Reading Town Centre fronting both Friar Street and Market Place
  • Strategic position with easy access to Reading Train Station (which benefits from imminent new Crossrail/Elizabeth Line services), Forbury Gardens and the prime office areas of Kings Road/Abbey Square
  • Currently comprises approximately 4,597.10 sq m (49,483 sq ft) (1) on a site area of 0.16 ha (0.40 acres)
  • Adjacent to a large Marks & Spencer Variety Store and close to the prime retailing areas of Broad Street and The Oracle Shopping Centre
  • Lot
    16
  • Auction
    13/Dec/2021
  • Vacant Possession
  • Status
    Available
  • Price*
    £3,750,000 - £3,850,000
  • Sector
    Development
  • Auction Venue
    Live Streamed Auction
  • 173-175 Friar Street & 27-32 Market Place, Reading, Berkshire, RG1 1HE
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* More information on the term "price" can be found here

Property Information

Location
Miles
8 miles south-west of Henley-on-Thames
25 miles south-east of Oxford
40 miles west of Central London
Roads
A33, A329(M), A404(M), M4
Rail
Reading (National Rail, TFL, Crossrail)
Air
London Heathrow
Situation

Reading is a popular retailing destination and major commercial and administrative centre for the Thames Valley region. The town benefits from excellent transport links by road, being easily accessed via the M4 motorway, by rail and by air, being just 27 miles west of Heathrow Airport. The property is strategically situated in a highly prominent position in the heart of the town centre on the busy pedestrianised corner of Friar Street and Market Place. The property is a short walk to Reading Train Station (Crossrail), Forbury Gardens and the prime office areas of Kings Road/Abbey Square. The property is adjacent to a large Marks & Spencer Variety Store and other nearby occupiers including Sainsbury's, Primark, Pret a Manger and Winkworth Estate Agents.

Tenure

Freehold.

Description

The property provides a large development site, currently comprising five buildings, two of which front Friar Street and three Grade II Listed buildings which front Market Place, each arranged on basement to third floors on a total site area of approximately 0.16 hectares (0.4 acres). The property offers a major town centre development opportunity.

VAT

VAT is applicable to this lot.

Planning

Planning permission was granted in July 2021 for the demolition of and redevelopment of part of the site to provide a hotel (C1 use) of up to 182 beds, together with bar/restaurant/gym at ground floor associated with the hotel. The permission also includes change of use of part to provide 8 further flats and the retention of flexible Class E uses at ground and basement floors. The planning consent is subject to S106 and CIL payments, details of which are available in the legal pack. There was a separate planning permission granted in January 2019 for a different scheme comprising residential, retail and office accommodation which expires in January 2022. Please see legal pack or visit www.planning.reading.gov.uk for full details.

Completion Period

Six Week Completion

EPC

Please see legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

AddressFloorFloor Areas
(Approx)
Tenant
173-175 Friar
Street
Ground, Basement, First,
Second, Third
3,240.10 sq m
(34,876 sq ft)
VACANT
27-32 Market
Place
Ground, Basement, First,
Second, Third
1,357.00 sq m
(14,607 sq ft)
VACANT
Total
4,597.10 sq m (1)
(49,483 sq ft) (1)
 

(1) Approximate floor areas are provided by the Vendor and are to be used as guidance only. Some of the property is part-way through a previous development and therefore are difficult to access. Please see legal pack for breakdown of approximate existing areas together with proposed approximate consented areas.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    03.12.21
    File Size
    121 MB
    Login to View
  • Site Plan
    Updated Date
    23.11.21
    File Size
    845 KB
    View PDF
  • Catalogue Page
    Updated Date
    23.11.21
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
George GoucherGeorge Goucher +44 (0)20 7034 4860 +44 (0)7513 610 710george.goucher@acuitus.co.uk
Charlie PowterCharlie Powter +44 (0)20 7034 4853 +44 (0)7768 120904charlie.powter@acuitus.co.uk
Seller's Solicitors
Teacher Stern LLP 37-41 Bedford Row
London
WC1R 4JH
David Irwin 0207 424 3191d.irwin@teacherstern.com

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