Energis House on Forbury Road in Reading has been sold, in one of the town's largest office investment deals of the year so far.
In a £22.6m deal, we acted for SWIP (Scottish Widows Investment Partnership) to sell the 108,000 sq ft office building to PRUPIM, represented by CBRE. The office building sits on a development site totalling 3.47 acres.
Office development potential
The property, which is let to Cable & Wireless until July 2015, is adjacent to One Reading Central and has the future development potential of Two and Three Reading Central - a scheme which would total 370,000 sq ft of office space.
Nick Coote, Head of our Thames Valley team, commented: "This is a significant investment deal for Reading and the wider Thames Valley office market. PRUPIM has recognised the strength of the existing Reading Central scheme, and - with Two and Three Reading Central in the pipeline - the development's potential to create an aspirational business district for the region."
One of largest South East office deals of 2012
Carolyn Clark of CBRE's Business Space Capital Markets team added: “This acquisition represents one of the largest transactions in the South East office market in 2012. It provides a good running yield on the existing investment, as well as strong future development potential in Reading town centre.”