Fiera and Wrenbridge buy Reading office for £75m logistics revamp

Fiera Real Estate and Wrenbridge have bought offices at Shinfield Park near Reading to turn the site into logistics facilities. The conversion will have a gross development value of £75m. The 1980s Brutalist office building and a smaller adjacent building have changed hands from the local council in an off-market transaction.  The 285,000 sq ft of workspace was originally built for Berkshire County Council and has more recently been let to engineering consultancy Wood but has become surplus to the firm’s requirements. The development site measures 18.5 acres. The partners plan to replace the obsolete complex with six logistics hubs totalling 225,000 sq ft and ranging in size between 20,000 sq ft and 88,000 sq ft. The scheme will target BREEAM Excellent and EPC A+ credentials. Shinfield Park is located just south of Reading. The proposed development will sit one mile from junction 11 of the M4 as well as being less than 30 minutes to junction 15 of the M25. Chris Button, head of investment management at Fiera, said: “This project will showcase the power of combining institutional capital prepared to undertake speculative development with the entrepreneurial flair and the technical know-how of Wrenbridge.” Ben Coles, chief executive of Wrenbridge, said: “Another location that we believe will attract occupiers out of London to pay some sensible rents. “It’s another piece of the jigsaw puzzle for prime sites we are purchasing that wrap around North, East and West London outside the M25. We are keen for more opportunities.” See occupational sale comparables in Berkshire >> Image © Wrenbridge