Reading: Lakeside Apartments Ready to Move Into

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About this property

The address is Green Park, three miles south of Reading town centre, forty two miles west of central London and twenty seven miles from Heathrow. Reading Green Park station sits on the development itself and reaches Reading town centre in six minutes; from there London Paddington is under twenty five minutes and the Elizabeth line runs east across the capital. The site is seven acres around a lake, with parkland and countryside beyond and a 195 acre business park next door whose tenants include several global technology and consumer companies. The development is 461 apartments in seven buildings set around the lake, and the homes on offer now are in three of them. These are one and two bedroom plans, from a forty five square metre one bedroom to a ninety three square metre two bedroom, each with its aspect named on the price list as lake, garden or both. The two bedroom plans all carry two bathrooms. Shared facilities are a concierge, a gym, a cinema room and a co-working studio with a separate meeting room, and one parking space comes with each apartment. There is a convenience store on the ground floor of one of the buildings, and the neighbouring village development adds a primary school, a market square and a coffee shop. Two things separate this from the off plan stock that fills the rest of the market. It is finished, so the apartment you see is the apartment you get and rent can start the month you complete. And the price list publishes an estimated rental figure and gross yield for every single unit, running from 5.3 to 6.5 percent, which is a developer putting numbers on the record rather than a brochure adjective. Tenure is a 999 year lease that started in 2016, with a peppercorn ground rent. The estimated service charge is 4.30 to 4.85 pounds per square foot a year depending on the building, and parking carries a small separate charge inside it. Purchase is a 1,000 pound reservation, ten percent on exchange within twenty eight days and the balance on completion. Two things to weigh. The yields are estimates from the developer, not signed tenancies, so ask for the letting evidence from the buildings already occupied. And this is a business park location rather than a town centre one, which suits a commuting professional tenant and suits a family less well.

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