GCW’s investor team has transacted 40 – 46 Broad Street Reading for £4.6 million, reflecting an NIY of 8%. The off-market purchase from abrdn gives the new owner an opportunity to repurpose an extensive town centre site.
The 2022 opening of Crossrail will provide a major boost to Reading’s economy which has already bounced back well post pandemic. GCW has helped its client exploit the town’s growth potential by securing a prime site that will benefit from the transport enhancements.
40 - 46 Broad Street incorporates three retail units occupied by Specsavers, The Entertainer and Card Factory. The 0.35-acre freehold site incorporates a rear service yard and the only two storey properties on Broad Street, offering an opportunity to increase the height of the asset for alternative uses, such as residential or office space.
GCW Partner, Oli Horton, said: “This asset presents an attractive blend of high yielding secure income and add value potential. It is hard to find these opportunities off market. The deal demonstrates GCW’s experience and expertise in town centre transactions and we are now helping our client identify the best option to better utilise the site in the context of the current market.”