52-55 Friar Street, Reading

Reversionary food store investment opportunity with excellent development potential

The property is located within Reading city centre and presents a supermarket arranged over basement, ground, first and second floors. The ground floor of the subject property is used for retail purposes with a large prominent frontage on Friar Street.
The property benefited greatly from planned local developments including Stanhope’s Station Hill. The upper floors comprise staff accommodation and Bruce Gillingham Pollard advised on redevelopment plans to student housing based on the clients adjoining ownership.
This was a popular sale given the quality of the town. On the back of our advice the purchaser performed well in a competitive bidding process. The sale price of £6,500,000 reflected a net initial yield of 5.8%.

Project Detail

The property was originally constructed in the 1960s and provides regular retailing space on a site of approximately 0.25 hectares (0.64 acres) totalling 36,000 sq.ft.

The site is located adjacent to the entrance of the proposed Station Hill development and provides an excellent opportunity for our client to capitalise on the regeneration of the area with their own scheme. We believe that the pitch of the subject property will improve considerably as the adjacent developments are completed and we envisage that the premises would be well to student accommodation, amongst other uses, subject to planning permission.

Aviva Investors is an asset management company and is part of the Aviva group. It has global assets under management of over £246 billion including £24 billion of  property investments making it one of the largest property fund managers in Europe.
Please contact Harry Wills or Jack Barratt.