56 property
Focusing on a successful year to come for Reading
Reading is set for another year of success in 2016, following a solid 2015 in which the town has attracted a series of new high-profile tenants
Reading town- centre continues to see growing letting activity
Head of Thames Valley and Heathrow business space and partner Charlie Nicholson noted that a number of transactions totalling 250,000 sq ft have completed in Q1, showing the ongoing flight to ‘quality’ in new or newly refurbished grade A specification offices and in particular for larger units. Green Park has continued its strong momentum with Thales (moving from Basingstoke) acquiring all 110,000 sq ft of 350 Longwater Avenue at Green Park, plus Bayer’s acquisition (moving from Newbury) of 80,000 sq ft at 400 South Oak Way; they are now in the unusual position of having a lack of built available supply.
At Winnersh Triangle, just off Junction 10 of the M4, Patrizia has
nearly completed building 1030, a new build of 61,000 sq ft; where quoting rents are now in the mid- £30’s per sq ft. Winnersh Triangle has also seen letting activity with 55,000 sq ft let to Subsea Components.
Reading is set to benefit from Crossrail arriving from 2019 and being situated under 30 miles from Heathrow Airport, or 25 minutes (by train) to central London and has a network of excellent transport links into the capital and the rest of the UK.
Reading town-centre continues to see growing letting activity continuing the momentum of the 185,000 sq ft letting to SSE. Quoting rents are now at £37.50 per sq ft; Aquis House, opposite the train
station has strong interest, R+ is about to launch to the market with 101,000 sq ft of space.
Reading continues to benefit from public and private investment to deliver superfast broadband with 95% of premises having access to fibre. Allied with one of the most productive and skilled workforces in the country Reading continues to be a hub for the tech sector and professional services firms.
Stephen Hill, rating partner at Vail Williams, commented: ”With resurgent rental growth across the office sector, and continued strong growth in the industrial sector anywhere from 10-25% in 2015 (age, size and location dependent); Reading is a key area to keep an eye on ahead of the rating revaluation in 2017.”
Details: Charlie Nicholson 0118-9097419
cnicholson@vailwilliams.com
AWARDS PROPERTY VALLEY
THAMES May 12
Ascot Racecourse
www.thamesvalleypropertyawards.co.uk
full report on winners and finalists in the June edition
www.businessmag.co.uk
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2016
2016
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