Secondary office sales have boosted the Slough office market in 2013, according to new research from Lambert Smith Hampton.
In the first three quarters of the year 10 office blocks in Slough were sold totalling just less than 220,000 sq ft.
Among the largest deals were Pioneer House at 48,500 sq ft, 163 Bath Road at 33,500 sq ft and Nova Building at 30,000 sq ft, all of which were bought for alternative uses.
Smaller blocks of around 15,000 sq ft at Castle View Court and Churchill House were purchased by owner occupiers.
Recent relaxations to planning rules for conversion of offices to alternative and residential uses are credited by LSH for the surge.
LSH Slough senior surveyor Richard Duncan said the year had seen “a new phase” of investment, particularly for alternative uses.
“These buildings were effectively obsolete for their original use as office buildings and investors or alternative occupiers were able to benefit from the resultant reduction in capital values.
“This has resulted in a much-needed reduction in low-quality office stock in Slough,” he added.
Office availability stands at just under 1.1m sq ft, or approximately 31% of the total market – down from 1.3m sq ft in 2012.
chris.berkin@estatesgazette.com
