Property Details

For Sale  

Long Leasehold (999 Years) Commercial Investment Property on Three Floors

Price Reduced - Business Unaffected  

Rental income pa of £25,000.00

Circa. 1200sq.ft / 111M²

2 Gun Street,

Reading, Berkshire,

RG1 2JR

Location

The property is situated in a busy, well-established part of Reading occupying a prominent position on Gun Street and within close proximity to The Oracle Shopping Centre and a short walk to Broad Street and Reading Railway Station.

Property

The Three Storey Terraced 999 Year Long Leasehold Property (total size circa 1,350sq.ft.) comprises-

Ground Floor-  Hairdressing Salon (approx.450sq.ft.).  Fire exit and bin area at rear.

First Floor-  Salon (approx.258sq.ft.).  Beauty / Nail (approx.107sq.ft.).  Beauty Room (approx.96sq.ft.).

Second Floor-  Beauty Room One (approx.108sq.ft.).  Beauty Room Two (approx.100sq.ft.).  Kitchenette (approx.108sq.ft.).  Utility Cupboard.  Water Heater Cupboard.  Boiler.  Two toilets.

Long Leasehold

The property is held on a 999year term commencing 16th November 1993.

Rental Income

The property is sub-let as a whole and trades as an Hair & Beauty Salon.  The sub-lease (within the Act) is for a term of 15 years (commencement date 27th June 2012) and is subject to 5 year reviews - last review was due 27th June 2022 (not implemented).  Current rent £25,000 per annum, i.e. £2,083 per calendar month. ROI – 6,75% Currently.

Notes

Rateable Value- £35,500 - tenant is liable for rates

EPC Rating-  D-81 (expires 8th March 2031).