Land

An exciting opportunity to acquire a freehold mixed used development opportunity with planning approval in this sought after centre of Caversham location. Planning has been approved to develop the rear of the existing site into four apartments, a three bedroom ground floor, two bedroom first floor and two one bedroom second floor units all with allocated parking. The front of the development is a former restaurant which was once one of the busiest in Caversham and offers over 3800 sq. ft. of space with dining areas, a substantial kitchen, toilets and a basement. There is a spacious four bedroom apartment with approximately 860 sq. ft. living space on the first floor which has its own entrance from Prospect Street. There is potential to split this apartment into two units to maximise its value. The rear of the site currently has a detached bungalow on which would be demolished along with the rear of restaurant to create the apartments. The Gross Development Value of the site is in the region of £2m with a potential annual rental income in excess of £100,000 when complete.

Location:
Prospect Street runs between Henley Road to the north and Church Street to the south. It is one of the main thoroughfares through Caversham and home to a number of cafes, restaurants and hair dressers. It is in the centre of Caversham and and easy walk to the River Thames and Reading train station. Caversham lies on the north bank of the River Thames and is easily accessible by Caversham Bridge, Reading Bridge and Caversham Lock, Christchurch pedestrian bridge with Sonning Bridge a few miles to the east. The centre of Caversham features a fantastic range of shops including a Waitrose and is complemented by a good number of bars, pubs and restaurants. The local area has some fine schools including Queen Anne’s Caversham, Shiplake College, Reading Bluecoat and Reading School. The M4 is an easy drive away and reading train station has fast connections to London in under 25 minutes.