Retail Let to Trustees of Wokingham and District Association For The Elderly Until 2037
Includes a Retail Unit and Two Self Contained Residential Flats
Central Location in Affluent London Commuter Town
Opposite Peach Place Retail and Residential Development
Neighbouring Occupiers include Boots, Gail's Bakery, Costa Coffee, Greggs and Waitrose
Commercial Lease Outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
Lot 18
Auction 27th March 2024
Rent £30,100 per Annum Exclusive
Status Sold
Price £375,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
8 miles south-east of Reading, 19 miles north-east of Basingstoke, 38 miles west of Central London
Roads
A329, M3, M4
Rail
Wokingham Rail Station
Air
London Heathrow
Situation
Wokingham is an affluent London commuter town situated south of the M4 motorway and some 8 miles south of Reading. The property is situated in the heart of Wokingham Town on the north side of Rose Street close to its junction with Broad Street.
Waitrose Supermarket is situated immediately behind the property and directly opposite is the new award winning Peach Place development including new retail, restaurants and recently developed residential apartments and townhouses. Nearby occupiers include Boots, Gail's Bakery, Costa Coffee and Greggs.
Tenure
Freehold.
Location
Miles
8 miles south-east of Reading, 19 miles north-east of Basingstoke, 38 miles west of Central London
Roads
A329, M3, M4
Rail
Wokingham Rail Station
Air
London Heathrow
Situation
Wokingham is an affluent London commuter town situated south of the M4 motorway and some 8 miles south of Reading. The property is situated in the heart of Wokingham Town on the north side of Rose Street close to its junction with Broad Street.
Waitrose Supermarket is situated immediately behind the property and directly opposite is the new award winning Peach Place development including new retail, restaurants and recently developed residential apartments and townhouses. Nearby occupiers include Boots, Gail's Bakery, Costa Coffee and Greggs.
Tenure
Freehold.
Description
The property comprises an attractive Grade II Listed building with a ground floor shop and two self contained 2 bedroom flats on the first and second floor both sold off on long leases.
The property benefits from car parking at the rear.
VAT
VAT is applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. The notices were served on 20th June 2023, the tenants had until 5th September 2023 to respond to the notices. As no tenants have responded to the notice by 5th September 2023, the tenants are not able to exercise the right of preemption on this sale
Completion Period
Six week completion
EPC
Retail unit = Band C, Flat 16a = Band D
Description
The property comprises an attractive Grade II Listed building with a ground floor shop and two self contained 2 bedroom flats on the first and second floor both sold off on long leases.
The property benefits from car parking at the rear.
VAT
VAT is applicable to this lot.
Note
Notices pursuant to Section 5b of the Landlord and Tenant Act 1987 have been served to the residential lessees. The notices were served on 20th June 2023, the tenants had until 5th September 2023 to respond to the notices. As no tenants have responded to the notice by 5th September 2023, the tenants are not able to exercise the right of preemption on this sale
Completion Period
Six week completion
EPC
Retail unit = Band C, Flat 16a = Band D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground
Retail/Ancillary
105.60
(1,136)
TRUSTEES OF WOKINGHAM AND DISTRICT ASSOCIATION FOR THE ELDERLY (t/a W.A.D.E Charity Shop) (2)
25 years from 07/08/2012 (3)
£30,000
15/08/2032 (14/08/2037)
First
Residential
-
(-)
AN INDIVIDUAL
99 years from 01/07/1997
£50
(30/06/2096)
Second
Residential
-
(-)
AN INDIVIDUAL
99 years from 01/07/1997
£50
(30/06/2096)
Total Approximate Commercial Floor Area
105.60
(1,136)
£30,100
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/valuations/start/499692165) (2) The Trustees of Wokingham and District Association for the Elderly are a registered charity under no. 1178937 who adopted its first constitution on 19th Feb 1969. (www.wadecentre.org). (3) The lease is let for a term until 14th August 2037 by virtue of a lease for a term from 7th August 2012 until 14th August 2027 and a reversionary lease from 15th August 2027 until 14th August 2037. The commercial lease is outside the Security of Tenure provisions of the Landlord and Tenant Act 1954.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
