July 2017 - Costar
Topland has signed two tenants at its recently acquired Reading Bridge House. OneSelect Energy has located to the building’s 7th floor, taking 5,920 sq.ft on a five year lease at £27.50 per sq.ft. Group BC will be on part of the 9th floor taking 4,419 sq.ft at a new record rent for the building of £28 per sq.ft. Group BC has taken a 10 year lease.
Steve Pope, Topland’s Group Director of Property and Asset Management, said: “We were really attracted to Reading’s strong credentials, in terms of fast-growth businesses and its ever-improving infrastructure. With Crossrail even closer, the redevelopment of Reading station’s Northern Entrance will only enhance the demand for Reading Bridge House.”
Topland will be looking to carry out further initiatives at the building and bringing a new 8,000 sq ft penthouse office suite to the market in September.
Keith Wise, director at Campbell Gordon, who acted as a joint agent to the transaction said: “The Reading area currently has little office availability offering quality accommodation in this price bracket. Reading Bridge House is a modern, high quality building that delivers a value which can be hard to find in today’s market.”
Tom Fletcher, head of LSH’s Reading office, and joint agent, said: “The speed at which we achieved the two deals is indicative of the high demand for the kind of office space offered by Reading Bridge House. Topland’s highly proactive approach means that there is significant potential to add value to the building, which has already been seen by achieving a new record rent.”
Vintage Capital (No.3) Limited, a Topland Group associated company, bought Reading Bridge House from M&G Real Estate for circa £35m in January of this year.
The 115,000 sq ft multi-let office building has an average weighted unexpired lease term of six years. The building is spread over nine floors, with the largest tenant being Capita.
LSH and Campbell Gordon advise Topland.