Investment---Reading_sold

Status: Sold

Terms: Freehold

Price: £9,650,000

Yield: 6.0%

Aldi, Pure Gym and Greene King, 350 Basingstoke Road, Reading RG2 0NT

  • Reading is one of the principal commerical centres along the M4 corridor with an extensive and affluent primary catchment population of 677,000
  • Prime Foodstore and Leisure investment located on the busy Basingstoke Road (B3031) approximately 2.1 miles (3.4km) south of Reading town centre
  • Established out of town location adjacent to a Morrisons foodstore and in close proximity to Brunel Retail Park where occupiers include Halfords, Pets at Home, 99p Stores, Next, Currys, ScS, B&M, Maplin, Dreams and Laura Ashley
  • Upon Practical Completion the subject property will comprise a Foodstore, Gym and Public House & Restaurant comprising a total of 39,868 sq ft (3,704 sq m) with 200 car parking spaces equating to an excellent ratio of 1:199 sq ft
  • Freehold
  • The property is pre-let to Aldi Stores Limited, Greene King Brewing and Retailing Limited and Pure Gym Limited on new 15 year term certain leases from Practical Completion
  • All leases are subject to 5 yearly rent reviews linked to the Retail Price Index (RPI)
  • 73% of the income is secured against 5A1 covenants
  • Total initial income of £593,800 per annum, equating to a low average rent of £14.89 per sq ft
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