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January 2017

Vintage Capital (No.3) Limited, a Topland Group associated company, has bought Reading Bridge House from M&G Real Estate for circa £35m.

Reading Bridge House New

 

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.

Sol Zakay, chairman of Topland Group, said: "This is another good achievement for the group."

The building, which sits directly opposite reading train station which will soon serve as a Crossrail station, is let off an average of £24 per sq ft.

Mark Kingston, managing director of Topland Group, said: "The building has many asset management opportunities where value can be added. It is let off sensible rents and there is 15 per cent vacancy in the building which presents a chance to set new benchmark rents.

“Crossrail will only enhance the demand for the building and we are delighted to have secured the deal at a point in the cycle where good value is difficult to find.”

Savills acted for M&G and Strutt & Parker acted for the buyer on the acquisition.