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Lot 7
38 Market Place, Reading, Berkshire RG1 2DE

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Sold: £360,000

6 Week completion

SITUATION

Located opposite this attractive triangular shaped retail pitch, just a few hundred yards away from Broad Street which hosts a variety of major national retailers including John Lewis, Marks & Spencer and The Oracle Shopping Centre.
Reading is located some 40 miles west of Central London and is the major commercial and administrative centre for the prosperous Thames Valley with easy access to the M4 (Junctions 10 & 11).

PROPERTY

Forming part of a modern building comprising a Ground Floor Shop with use of a rear shared yard for unloading.

ACCOMMODATION

Ground Floor Shop
Gross Frontage 24'1
Internal Width 23'1"
widening at rear to 28'8"
Shop & Built Depth 41'10"
WC

VAT is applicable to this Lot

TENURE

Leasehold for a term of 999 years from 17th March 2015 at a Peppercorn ground rent.

TENANCY

The property is let on a full repairing and insuring lease to Greggs plc (having over 1,700 branches) (T/O for Y/E 02/01/16 £835m, Pre-Tax Profit £73m and Shareholders' Funds £272m) for a term of 10 years from 30th June 2016 (see Note) at a current rent of £22,500 per annum exclusive.

Rent Review and Tenant's Break 2021

Note: Greggs were previously trading from the adjacent smaller unit (No. 39) prior to June 2016.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.