Mellor’s Wharf Land buys Reading Hewlett-Parkard HQ for £35m

Wharf Land, the private property group set up by former Conservative minister David Mellor in partnership with Douglas Maggs, has confirmed its acquisition of the former headquarters of Hewlett-Packard in Reading, Berkshire. Using £27m funding from Bank of Scotland Corporate, the group is understood to have paid around £35m for the Worton Grange site, which comprises 393,400 sq ft of offices and industrial. The site has been earmarked by Reading Borough Council as a major redevelopment opportunity. Jim Meechan, director at Bank of Scotland in Reading, said: “This acquisition is a sound investment and with the right planning permission the value of the site will increase greatly.” Wharf Land is also in the process of selling a 330,000 sq ft office development opportunity in Bracknell to Terrace Hill for around £26m.  Wharf Land went to market with the 8.11-acre site at 2 Orchards, Western Road, at the end of last year after its proposals for housing were turned down.