Acting on behalf of T A Fisher, national commercial property consultancy, Lambert Smith Hampton (LSH), has completed a property acquisition in Reading which will see the arrival of a new apart-hotel in the town centre.
100 Kings Road has been purchased by property development company, T A Fisher, from the previous owner, RREEF Asset Management. Subject to planning consent, T A Fisher now plans to redevelop the former office building, which totals 39,526 sq ft across five floors, into a new mixed use scheme. This will include two retail units targeted at the gym/health and fitness occupier, and on the upper floors T A Fisher proposes to create a brand new, high quality apart-hotel incorporating approximately 50-60 suites and to be run under the House of Fisher brand.
Chris Reeve, Director in LSH’s Reading office, commented: “This deal illustrates the improving confidence in Reading town centre’s commercial property market. Subject to obtaining the necessary planning consents, the deal also marks further investment and welcome regeneration not only to Reading’s Kings Road, but to a redundant office building which has been empty for several years.”
House of Fisher is the region’s leading provider of centrally located serviced apartments in Reading, Bracknell, Maidenhead, Basingstoke, and shortly Camberley and Farnborough. It offers a smarter alternative to a hotel, offering luxury serviced apartments and apart-hotels that allow corporate and leisure guests to live and relax for short-term stays as they would in their own home. House of Fisher’s existing Reading facility is at City Wall House, West Street which will continue to operate under this expansion plan.
LSH is now instructed to let commercial business space on the ground floor, from 1,500 to 8,000 sq ft. The team is inviting interest from gym operators, office occupiers and other businesses looking to be a part of this soon-to-be-revitalised and upgraded property.
RREEF Asset Management was represented in the transaction by Campbell Gordon.
