Woodley House on Crockhamwell Road, Reading has seen three new tenants move into the new ground floor retail units in as many months as Holloway Iliffe & Mitchell completes the final letting.
Acquired by national property developer and investor The Malins Group, Woodley House has undergone a substantial refurbishment with the development of 12 one and two bedroom flats on the upper floors and the original commercial space now divided into two retail units and a small kiosk.
The kiosk has been let to an independent retailer and discount stationer, The Works agreed a new 10-year lease on 1,700 sq ft in August 2016.
The final 1,500 sq ft unit has been let to Coffee#1, part of S A Brain and Co, on a 20-year lease. Close to completing its fit out in preparation for opening in November, Coffee#1 is a small chain of coffee houses, currently located in South & West Wales, the West Country and the South Coast of England. This latest shop is part of its ambitions to spread its unique brand to communities throughout the South and Midlands adding to the 600 jobs already created through its store opening programme.
Lydia Crane, S A Brain’s Acquisition Manager comments: “Over the past fifteen years, our coffee shops have been well received by the communities in which they operate. Our customers come to enjoy our combination of outstanding customer service, great coffee and cosy environments and we look forward to extending the Coffee#1 experience to Reading. Woodley House was carefully selected as the location for Coffee#1’s first store in the Thames Valley area due to its vibrant town centre, the hub of a larger community of towns and villages. We look forward to establishing Coffee#1 as part of the local community.”
Commenting on the Woodley House transactions, Lauren Atkins, managing director at The Malins Group said: “The redevelopment at Woodley House is part of our continued investment strategy for our regional portfolio. With the flats now finished we are pleased to have the retail units fully occupied.
“We continue to search for further opportunities as we grow our portfolio across the South and Woodley House is a great example of maximizing a development’s potential.”
Holloway Iliffe & Mitchell Director, Stuart Mitchell added: “Having been involved as part of The Malins Group property team for over 15 years, we have seen the benefits of managing both the transaction and management requirements is hugely beneficial for us, particularly during the redevelopment and leasing stage of this redevelopment”.
