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Tuesday, 1 June 2010
Rents hold up in Reading
Reading has been hit hard in therecession with office lettingsdown 67% last year to 12,166sq.metres (130,955 sq.ft.).The report from Hicks Bakernotes that “many of theoccupiers with lease breaks orexpiries who were expected tofuel demand in 2009 chose tostay with a safety first, donothing approach coinciding withlandlords prepared to be flexiblein order to retain them.” StephenHead of Hicks Baker: “There isstill a lack of demand andcommitment but there is stillmore chance of trophy deals thisyear than in 2009.There aresome grounds for optimismbecause Grade A rents haveremained robust despite weakdemand.”
The slow market hasnot deterred either deals or newdevelopment proposals. Forexample, Heineken isconsidering a mixed use schemeon its 62 acre Berkshire brewerysite, which came with its takeover of Scottish & Newcastle.Salmon Harvester OpportunityFund, the joint venture ofSalmon Harvester and NF Mutual,has bought the 20,690 sq.metres(222,713 sq.ft.) Stadium WayIndustrial Estate, Reading for£17.4 million, a yield of 7.25%.RO Developments has alsocontinued an active policy and isnow marketing its 1,529sq.metres (16,457 sq.ft.) newlyrefurbished One Manor Park.ROD has three other adjacentproperties on Basingstoke Road,Reading.
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