Prominent riverside facing residential development opportunity located within Reading Town Centre.
• Situated 0.3 miles from Reading Railway Station (5 minute walk) which offers direct trains into central London in 25 minutes.
• The introduction of Crossrail will provide direct services from Reading to central London, the West End and the City.
• Existing vacant office building measuring 34,746 sq ft GIA / 26,953 sq ft NSA.
• The existing building benefits from Permitted Development Rights to convert to 77 flats - 25 x studios, 45 x 1 bed, 5 x 2 bed and 2 x 3 bed with a total proposed NSA of 26,953 sq ft.
• A further planning application has been prepared to add 3 additional storeys to provide 27 flats- 3 x studios, 15 x 1 bed, 9 x 2 bed with a proposed NSA of 15,371 sq ft which will be subject to an overage.
• We understand the property is elected for VAT.
• We are instructed to seek offers in excess of £7,000,000 (Seven Million Pounds), subject to contract, with an overage payable should the additional planning for 27 flats be granted within 12 months from completion.