A joint venture between Landid and Brockton Capital (“the Landid/Brockton JV”) has sold One Valpy in Reading and The Urban Building in Slough to a client of Standard Life Investments for c.£56.5m.
The Landid/Brockton JV recently completed extensive refurbishment of One Valpy and substantially repositioned the two Thames Valley office buildings, to create high quality, contemporary workplaces for modern occupiers and their employees. As the most active office developer in the Thames Valley, representing around 25% of the market, the Landid/Brockton JV’s investments combine excellent design, character, connectivity and sustainability to optimise experience, environment and value for their occupiers.
One Valpy, a 60,000 sq ft, eight-storey building overlooking Forbury Gardens in Reading, is approximately 50 per cent let or committed since relaunch, to office tenants including H&M, Bullit Group, Rio Tinto, Thinking Phones and Mabey. The Urban Building, a 98,000 sq ft building on Albert Street, Slough, has achieved two lettings to date, to KP Snacks and Caffè Kix. Both buildings have been rebranded in line with the Landid/Brockton JV’s ongoing strategy to reposition or redevelop outmoded office assets to meet today’s occupier requirements.
Trevor Silver, Managing Director of Landid, said:
“We have sold One Valpy and The Urban Building ahead of schedule, reflecting the current demand for office investments in prime Thames Valley locations, especially those on Crossrail. Our repositioning strategy has created office environments with enduring occupier appeal, allowing businesses in the Thames Valley to manage costs and compete for talent without compromising on location.”
Tony Edgley, Partner at Brockton Capital LLP, said:
“These assets perfectly capture our strategy to create institutional quality investments from overlooked or redundant assets, which can respond to the needs of the next generation of occupier. To compete in today’s market, property developers and investors must have a deep understanding of how to create a community within an urban office setting, providing the right combination of design, connectivity, sustainability, value and character. These qualities are embodied in One Valpy and The Urban Building, creating appeal for occupier and investor alike.”
The Landid/Brockton JV is looking to commit up to £250m to acquire similar investment opportunities, in the Western Corridor, Greater London and selected UK cities. It is currently developing three major office buildings: The Charter Building, Uxbridge; Thames Tower, Reading; and The Porter Building, Slough, for completion between Q4 2016 and Q3 2017.
One Valpy underwent substantial refurbishment and has been developed into contemporary, energy efficient offices aimed at attracting forward-thinking companies to a vibrant area of Reading. The Urban Building is located in the heart of Slough and has been transformed into a substantial, state of the art, mixed-use workspace of high specification.
Both buildings are well located with public transport links to both London and Heathrow, with Crossrail bringing even more accessibility to the region.
There is currently a growing list of high calibre companies looking for quality offices in the area, and both One Valpy and The Urban Building are positioned to meet this demand. There is also a large, highly skilled workforce that lives or commutes within the Thames Valley area.
JLL advised the Landid/Brockton JV. Colliers represented Standard Life Investments.
