Sold
On behalf of fixed charge receivers
James Butcher House
Theale, Reading RG7 5AH
James Butcher House is a freehold converted detached office block comprising 21 x 1 Bedroom residential apartments.
The building which was converted to residential use (C3) in November 2021 is arranged over ground and first floor and offers a total net saleable area of 890 sq. m. (9,580 sq. ft.) and further benefits from 25 gated car parking spaces.
18 of the 21 units are all currently let on Assured Shorthold Tenancies (AST’s), producing a gross rental income of £217,000 per annum.
It is believed the estimated rental value (ERV) for the building in its current condition is in the region of £265,000 – £275,000 per annum.
Guide Price: Offers are invited in excess of £3,250,000 which reflects a gross yield of 6.67% on the current income, and a gross reversionary yield of 8.46%.
