A major freehold town centre development with the opportunity for a new hotel is to be sold at auction next month off of a guide price of £3.85m.
The 173-175 Friar Street and 27-32 Market Place in Reading is being sold vacant, with planning permission granted for a 182-bed hotel, as well as retail and residential units.
The 4,597.10 sq m property sits on a site area of 0.16 hectares and currently features five buildings. Two of these front Friar Street while three Grade II Listed buildings front Market Place.
Planning permission for the demolition of and redevelopment of part of the site to provide a hotel was granted in July 2021. Permission was also granted for a bar, restaurant and gym on the ground floor, to be associated with the hotel.
In addition, the permission also includes change of use of part to provide eight further flats and the retention of flexible Class E uses at ground and basement floors.
Acuitus director, Charlie Powter, said: “This is an exceptional opportunity in the heart of one of the Thames Valley’s most affluent towns. As international travel recommences newly developed Hotels will be in great demand in major towns around London.
“At the same time this site would lend itself to a major alternative residential lead scheme given its strategic location being a short walk from the station, prime retail, leisure and office areas in Reading town centre”.
The auction will take place at 1pm on 13 December and will be broadcast via livestream on the Acuitus website, with bidding online, by telephone and by proxy.