Grade A HQ 'trophy’ office investment

Grade A HQ ‘trophy’ office investment totalling 219,373 sq ft located in the capital of the Thames Valley and South East office market. With a workforce in excess of 1 million people, Reading is home to more than 240,000 companies generating over £330 billion a year in turnover. Property is one of three buildings. Multi-let to exceptional covenants, including PWC, Osbourne Clark, Convatec, IQVIA and BPP Holdings. Building is passing off an average £31.59 per sq ft (inclusive of Vendors top ups), totaling £6,870,093 per annum and therefore offers significant reversion potential. WAULT to expiries of 4.6 years and 2.1 years to breaks. The asset therefore offers significant asset management opportunity with a number of upcoming lease events in the next three years that can be leveraged to increase rental performance. Reading town centre prime rents currently stand at £42.50 per sq ft. Opportunity to enhance common areas and office floors to drive rental returns given the 35% discount from current prime rent, with new development One Station Hill predicted to achieve record rents circa £50 per sq ft, providing exceptional revisionary potential. The building benefits from 106 car parking spaces.