Sentiment in the key Thames Valley market of Reading will be boosted by the competitive bidding for PRUPIM‘s Green Park campus.
At the moment the expected price is around £400 million although that may not be the final figure. The bidders are substantial enough, (such as Delancey, Blackstone and MSREF) to make a deal effective. Indeed there is considerable potential because one third of the planned 204,380 sq.metres (2.2 million sq.ft.) still has to be developed.
In the past few years there has been a move towards town centre lettings in Reading to the detriment of the business parks, but this may well change as the availability of Grade A space declines.
Meanwhile, Reading Council is again looking for a substantial amount of space in the centre. While the general situation throughout the country is for local authorities to cut spending, Reading has a problem with its staff at the civic centre in Dusseldorf Way who are exposed to an asbestos problem. The current thinking is that the council will take a building of 7,897 sq.metres (85,000 sq.ft.), which is about 30% less than planned three years ago when the high construction costs stopped the scheme.
The council will have to develop the new civic centre but it also has the opportunity to trade its existing site. One new scheme in Reading is RO Developments’, in association with Urban Switch, refurbishment of the 1,440 sq.metres (15,500 sq.ft.) Napier Court office building in Napier Road, adjacent to the railway station. Refurbishment will be completed by the autumn and the property is being offered as a leasehold or freehold. Rhodri Shaw of Strutt & Parker, joint agents with Parkinson Holt, said: “RO‘s flexibility and realistic pricing, coupled with Napier Road‘s proximity to the railway station and outstanding parking levels will provide occupiers with the best of in-town and out-of-town locations.”
One recent large letting has been Capita taking 2,233 sq.metres (24,040 sq.ft.) in Schroder Exempt Property Unit Trust‘s New Century Place through Lambert Smith Hampton.
No comments:
Post a Comment