Vengrove, the privately owned real estate investment and asset management firm, has announced completion of the first phase of restructuring at Newbury Business Park.
After acquiring the site in November 2015, Vengrove has successfully secured terms on 30,000 sq ft to internationally recognised tenants including Canon, DigitasLBi and Viavi. This coincided with a rebranding of the 137,000 sq ft holding now known as The Sector.
Vengrove has now begun developing the 29,000 sq ft Building 3 providing newly built Grade A office accommodation to the business park by Q1 2017. In addition, a further 28,000 sq ft at Building 4 is scheduled for delivery by Q2 2017.
Already a base for telecommunications heavyweights Vodafone and Huawei, the newly developed accommodation will answer market demand for more innovative, high tech and well-connected office space in the Thames Valley.
Vengrove’s Head of Asset Management, Tim Lucas commented “Our close-quarter management style and experienced team have ensured delivery of Phase 1 ahead of schedule, securing existing and new tenants on long term leases. We will now deliver Phase 2 over the next 12 months and in so doing provide a quality of product not seen before in the Newbury office market at a rent substantially below any Thames Valley product of a similar specification”.
Vengrove were advised by V7 Asset Management, Deal Varney, RARE and Bray Fox Smith.
