Thames Valley’s Green Park Property Boosted by USA Giant

Sentiment in Reading has been lifted by the letting of 500 Brook Drive, an 11,148 sq.metres (120,000 sq.ft.) property on PRUPIM’s Green Park to Quintiles, the US pharmaceutical services group. This means that Quintiles will take over Wyeth’s pre let agreement at Green Park for a purpose built headquarters which it signed in 2007. The change came because Pfizer bought Wyeth. This deal underlines the fundamental attractions of the Thames Valley and Green Park in particular for high technology companies. The deal means that Quintiles will leave three buildings totalling 9,290 sq.metres (100,000 sq.ft.) in Bracknell (Station House, Ringside and the Columbia Centre).

The importance of the transaction is that it is half the total of office lettings achieved in the Western Corridor in the first quarter of 2010. According to Stephen Head of Hicks Baker, total lettings in the first eight months of the year in Reading were 20,063 sq.metres (215,973 sq.ft.), the second largest being only 1,208 sq.metres (13,000 sq.ft.) in Bridge Street Plaza to SAB Miller. At the moment there are 226,676 sq.metres (2.44 million sq.ft.) available. Head said: “The Quintiles deal means we are 68% ahead of 2009 and, in fact, the performance in Reading has been better than in other Thames Valley towns. Top rents have held up well and there is a suggestion that Adobe will pay £312 a sq.metre (£29 a sq.ft.) for 4,645 sq.metres (50,000 sq.ft.) in Market House.” Also under offer are two deals totalling half that amount. Head said: “This is a pivotal point in the market in the next six-eight weeks because we have flat lined since the summer. But I sense there is increasing activity.”

The Thames Valley Commercial Property Register

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