PRUPIM has bought Energis House for £22.6m in one of the largest transactions in Reading this year.
The purchase of the Forbury Road, 108,000 sq ft building from Scottish Widows Investment Partnership reflects a yield of around 8.7%.
The building sits on a 3.5-acre development site adjacent to One Reading Central, and has the future development potential for Two and Three Reading Central – a scheme which would total 370,000 sq ft of office space.
Cable & Wireless has a lease at Energis House until July 2015.
Nick Coote, head of Lambert Smith Hampton’s Thames Valley team, said: “This is a significant investment deal for Reading and the wider Thames Valley office market. PRUPIM has recognised the strength of the existing Reading Central scheme, and – with Two and Three Reading Central in the pipeline – the development’s potential to create an aspirational business district for the region.”
LSH represented SWIP; CBRE advised PRUPIM.
joanna.bourke@estatesgazette.com
