Development Properties: Riverside Central, Duke Street, Reading RG1 4SA

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Riverside Central, Duke Street, Reading RG1 4SA

OIEO £7,000,000 subject to contract

  • 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.
  • Freehold.
  • 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.