Davidson, Reading RG1 3EU

Tenure:
Leasehold

Location:
Address:
Davidson, Reading RG1 3EU

Area:
121003 Sq ft

Property Details

A unique opportunity to acquire a prime high-quality Grade A office in a core town centre location.
Virtual freehold, best-in-class office building, situated within the secure environment of Reading town centre.

Forbury Square provides one of the most attractive commercial public realm spaces within Readingís commercial district.

  • The building provides 121,002 sq ft of ground floor restaurant/retail with office accommodation above on a substantial town centre site.
  • Excellent town centre parking with 113 spaces providing a ratio of 1:1,071 sq ft.
    The building has recently been upgraded to include a striking new reception area, canopy and toilets/changing facilities at lower ground level.
  • Principally let to Reading Forbury Square Centre Ltd (Regus), Network Rail Infrastructure Ltd, RSM UK Management, Santander UK plc & Carluccio?s Ltd. Lease terms have been agreed with Network Rai Infrastructure Ltd for a new lease at £34.00 per sq ft.
  • The weighted average unexpired term is 6.45 years to break and 6.76 years to expiry.
  • The passing rent including rental guarantees totals £3,894,997 per annum, which equates to a low average passing rent of £32.14 per sq ft on the contracted income.
  • Significant reversionary potential with rents in Reading approaching £40.00 per sq ft.
  • Strong asset management opportunities including letting up the vacant accommodation, crystallising the rental growth and benefitting from the extensive building improvements.
  • We are instructed to seek offers in excess of £60,790,000 (Sixty Million, Seven Hundred and Ninety Thousand Pounds) subject to contract and exclusive to VAT. Assuming a purchaserís costs of 6.78% this reflects a net initial yield of 6.00%. This equates to a capital value of £502 per sq ft. On achieving an ERV of £35.00 per sq ft , the reversionary yield will be 6.43%.

If you have any further queries, wish to arrange dataroom access or an inspection please so not hesitate to contact myself, Charles Boyes (020 3486 3472), Jason Nearchou (020 3486 3475) or Will Powles (020 7333 6387).