November 2018 - Costar
Singapore’s Mapletree Investments is to press on with a major next phase of speculative office development at the Green Park scheme in Reading after securing Virgin Media for its 120,000 sq ft UK headquarters at the business campus, CoStar News can reveal.
400 and 450 Longwater Avenue will comprise 114,000 sq ft net of offices each.
Construction of 400 and 450 Longwater Avenue will start in February 2019.
Totaling 228,000 sq ft, the project provides column-free office space, to be accredited by the WELL Building Institute.
Ready for occupation in August 2020, each building will provide 114,000 sq ft net of Grade A offices on ground and four upper floors within what Mapletree describes as “biodiverse, landscaped grounds with decking overlooking Longwater Lake”.
The new Green Park Railway Station is scheduled for completion in Autumn 2019, providing a direct link to Reading mainline station and Crossrail services.
Telecoms giant Virgin Media will move its UK head office to Green Park next year, CoStar News can also reveal. Virgin Media will take all 120,000 sq ft at 500 Brook Drive , joining other international occupiers who have moved to Green Park in recent years including Bayer, PepsiCo, Thales and Huawei.
Rents are not being disclosed but they are quoting at around £35 per sq ft.
Sixty businesses are now based at the 195-acre business park employing over 7,000 people.
Rory Carson, vice-president of asset management, UK, for Mapletree at Green Park, said: “These are very exciting times for Green Park, which will enter its next phase of growth to meet the demand of tenants. These stunning new offices will attract the most dynamic talents and businesses, which want to work in a great environment. Our investment to start 400 and 500 Longwater Avenue shows our commitment both to the park and Reading as the epicentre of the Thames Valley.”
Singaporean REIT Mapletree completed its 100% acquisition of Green Park from Oxford Properties for around £563m in May 2016.
Cushman & Wakefield and Campbell Gordon act for Mapletree; CBRE advised Virgin Media.