AN EMPTY Friar Street property is set to be sold for almost £4 million before it is turned into a hotel.
173-175 Friar Street together with 27-32 Market Place is being sold with planning permission for a 182-bed hotel.
Retail and residential unit proposals are also included in the approved permission.
The properties up for grabs. Images via JPES
Set to be listed for auction in December, the guide price for the property is £3.85 million.
READ MORE: Plans submitted for four-star hotel on Friar Street
Permission was granted in July 2-21 for the demolition and redevelopment of the site to provide the hotel.
A bar, restaurant and gym is also planned as part of the regeneration of the site.
Eight flats are included in the designs as well.
The properties up for grabs. Images via JPES
The property up for grabs includes five buildings including three Grade II listed buildings which front Market Place.
Charlie Powter, from auctioneers Acuitus, said: “This is an exceptional opportunity in the heart of one of the Thames Valley’s most affluent towns.
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“As international travel recommences newly developed Hotels will be in great demand in major towns around London.
How the hotel could look
“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 December 13th
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