Latest commercial property news from Lambert Smith Hampton

Fountain House, Reading

Fountain House: Reading office scheme fully let

21/06/2013

Acting on behalf of IvyPark, we have secured new tenants for Fountain House in Reading.

The deals mean that the town centre office building is now fully let for the first time since 2007.

Fountain House, on Queens Walk in Reading, is a 62,400 sq ft office building close to Broad Street Mall in the town centre. Smartsource Water has signed a new 10 year lease with a break at year five on 15,105 sq ft at the building to support its business expansion, with recruitment plans now underway. Smartsource Water operates in saving companies money on their water bills, and it chose the building as it provided good value for money and suited the company’s immediate occupational requirements.

Start-up serviced office provider signs second deal

In a second deal, Kingston Wycombe – a new start-up serviced office provider – has also signed for 15,660 sq ft at the town centre office building, on a new 15 year lease with a break at year 7. Fountain House offers the company the ideal floor plate size for serviced offices, while ensuring good value for money for a start-up organisation.

Vote of confidence for Reading's SME sector

Cameron Frazer, Surveyor in LSH’s Reading Agency team, commented: “These deals are positive news for one of Reading’s iconic office buildings, and are a real vote of confidence for Reading’s SME sector. The arrival of Smartsource Water signals not only the company’s long term expansion plans but also its immediate recruitment drive.

"Kingston Wycombe signing for space marks the arrival of new start-up business, which is encouraging at a time of economic volatility. The floor plate size and value for money offered by Fountain House has always attracted these sorts of growing businesses.”

Mark Hull, Group Property Controller for IvyPark, added: “This is a brilliant result for Reading, and the result of a lot of hard work over the years from our Reading-based agents.”

Smartsource was represented by Parkinson Holt and Kingston Wycombe was represented by Cushman & Wakefield.
 

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