savills.co.uk

■ The property was renovated in 2007/08 and currently provides 44 serviced apartments (4x studio, 26 x 1 bed, 14 x 2 bed), operated by way of a management agreement

■ Potential for residential conversion/ additional storeys/ re-development to provide alternative uses STPP

■ Existing NIA of 2,390 sqm (25,726 sqft)

■ Total Site area of approximately 0.17 hectares (0.41 acres)

■ Unconditional offers are invited by noon on Wednesday 8th March 2018

On the instructions of Messrs J Cookson & H Dunger of Colliers International acting as Joint LPA Receivers

12-18 Crown Street, Reading, RG1 2SE

Existing Serviced Apartment Complex With Investment / Residential Development PotentialReading

Freehold For Sale

Indicative Site Boundary

LocationThe property lies to the south of Crown Street and is situated approximately 1.0km (0.5miles) to the south of Reading town centre,1.6km (1.0 mile) to the north west of the University of Reading and 0.6 km (0.4 miles) to the west of Royal Berkshire Hospital. Reading is a strategic regional town in the Thames Valley/ M4 corridor with a population of circa 200,000 people. The town is located approximately 67km (42 miles) west of London, 44km (27.5 miles) south of Oxford and 27km (17 miles) east of Newbury.

Reading town centre accommodates a number of retail outlets such as the Oracle Shopping Centre, Broad Street Mall and the Hexagon theatre, a variety of supermarkets including Sainsbury’s, Waitrose and Marks & Spencer, Vue Cinema, numerous bars and riverside restaurants.

The property is situated approximately 1.1km (0.7 miles) to the south of Reading Railway Station which provides excellent links to the south-west of England, with regular fast services to London Paddington taking 22 minutes and all services to London running approximately every 5-10 minutes. The introduction of Crossrail to Reading in 2019 will create further growth in the area and new transportation routes to and from London.

NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100022432 Savills (UK) Limited.

NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100022432 Savills (UK) Limited.

Site DescriptionThe property currently comprises a 3-5 storey 58 bed Apart-Hotel (4 studios, 26 one bedroom units and 14 two bedroom units) totalling approximately 2,390 m2 (25,726 sq ft) NIA with a total site area of approximately 0.17 hectares (0.41 acres).

The property is situated between a 6 storey student block adjoining its eastern boundary, 2 storey terraced houses at its western boundary, Crown Street at its southern boundary and St Giles Close at its northern boundary.

The property holds potential for conversion/development or extension to add additional storeys STPP.

LegalThe site is held freehold under registered title BK167042. Copies of the relevant title extract are provided as part of the information pack together with a local authority search result. The purchaser should consider the title information and take advice from a legal professional.

Planning A planning appraisal has been prepared and can be found within the information pack. In summary, the principle of providing residential use (either through change of use or redevelopment) in the ‘Reading Central Area’ is acceptable. Furthermore, the principle of converting the building to self-contained flats, including for private rented schemes, is acceptable.

ServicesPurchasers are advised to make their own enquiries with the supply companies in respect of their specific requirements.

VATWe are advised that the property is elected for VAT.

Local AuthorityReading Borough Council Civic OfficesBridge StreetReadingRG1 2LU

http://www.reading.gov.uk 0118 937 3787

savills.co.uk

Important Notice

Savills, their clients and any joint agents give notice that:

1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

Savills ReadingHawker House5-6 Napier CourtNapier RoadReadingRG1 8BW

Nathalia Gorvin+44 (0) 1189 520 520ngorvin@savills.com

Andy Fraser +44 (0) 1189 520 528 andy.fraser@savills.com

Method of SaleOffers are invited from interested parties by Wednesday 8th March 2018 on either a conditional or unconditional basis. Please note that the the Joint LPA Receivers will not be obligated to accept the highest or any other offer. In order that we are able to accurately appraise all offers on a like for like basis, please confirm the following information in support of your bid:

■ The serviced apartments are currently operated under a management agreement which is terminable on 1 months notice;

■ Details of your proposal for the site;

■ Confirmation that the form and context of the draft contract included in the information pack is acceptable;

■ Details of any further information required or investigations to be carried out prior to exchange including anticipated timescales for carrying out proposed works;

■ Specify any assumptions made in relation to anticipated abnormal development costs;

■ Confirmation of your anticipated timescales for exchange and completion of contracts;

■ Provide details of how you propose to fund the purchase as well as confirmation that your bid had received board approval or equivalent, and if not, the process and anticipated timescales required to obtain such approval;

■ Provide any other information that you feel should be taken into consideration in the assessment of your bid; for example any recent experience of

delivering schemes of this nature in the vicinity or in dealing with Reading Borough Council.

Information PackAn electronic information pack is available which includes planning documentation title information, local authority search result, draft contract for sale and indicative plans for residential conversion.

ViewingsInterested parties are able to view the property externally from Crown Street. Internal viewings are strictly by appointment, if you would like to arrange an inspection please contact the agents.