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21.05.2014

Reading office building rises in value by £24.3 million in just one year

An office building which sold just over a year ago for £10.85 million has been sold again for £35.2 million.

Reading Bridge House was bought out of receivership in February last year by a joint venture between Lumina Real Estate Capital (LREC), and office developer and investor Wrenbridge.

The joint venture completed a refurbishment which had begun in 2007 but only covered parts of the building that were empty at that time. The recent £6.5 million upgrade brought all the offices up to the same standard and added a cafe, bike storage and showers.

It was relaunched to the market in March and LREC and Wrenbridge have now sold the 114,000 sq ft ten-storey block to M&G Real Estate, owner of Apex Plaza and developer of Forbury Place on the old Metal Box site nearby.

Sassan Ahsani, of LREC, said: “The sale price is not only reflective of the strength of the Reading market, but also the team’s ability to recognise investments where we can add value and produce superior returns.”

Tenants include Royal London Group, accountancy firm Throgmorton and IT services group SCISYS, but much of the space is vacant.

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Reading office building rises in value by £24.3 million in just one year