Westfield Road, Reading
An Opportunity to purchase a portfolio of nine existing fully let units in a row of former Victorian alms-houses with planning to add three additional units and parking to the rear for up to eighteen cars. The existing portfolio is generating £79,800 rental
per annum. This site is conveniently located a short walk from the vibrant centre of Caversham with its excellent selection of bars, cafes, restaurants and shops, also within an easy walk of Reading Station with its direct links to London Paddington in under 25 minutes and soon to feature on the tube network with the Elizabeth Line (Crossrail) linking Reading to the City of London and Canary Wharf.
Existing accommodation which has an approximate area of 4142 sq. ft. (385.5sq. m.) comprises a total of 5 x 1 Bedroom apartments, 1 x 2 bedroom apartment, 1 x 3 bedroom apartment and 2 x 1 bedroom terrace houses. The site has planning permission to add an additional 2780.38 sq. ft. (258.4sq. m.) of accommodation made up of 1 x 1 bedroom, 1 x 2 bedroom and 1 x 3 bedroom units and extra living space in the existing dwellings. The existing units require updating and with completed works and development of the additional units as per the planning approval the site represents a Gross Development Value (GDV) of approximately £3m and annual rental return in excess of £155,000. The site is available to purchase as a going concern with potential to add a huge amount of value in one of the most desirable locations in Reading.