A future proofed, multi-let office building in the heart of Reading town centre.
- One Valpy represents an excellent opportunity to purchase a future proofed, modern, multi-let town centre office building in the centre of Reading – the principal regional and commercial centre of the Thames Valley.
- One Valpy comprises 65,433 sq ft (NIA) of high quality, refurbished office accommodation over ground and seven upper floors, along with a separate self-contained hospitium building, benefiting from 12 secure car parking spaces.
- Since 2014, the property has undergone a significant Grade A refurbishment in excess of £8 million (£130 psf).
- The offices are multi-let to major corporate tenants such as Grant Thornton and Mott MacDonald, as well as market leading tech occupiers representing 41% of the total income.
- Weighted average unexpired lease term of 4.2 years to break and 5.6 years to expiry.
- 90% occupied by 12 tenants, with a current topped up rent of £1,986,644 per annum, equating to £31.81 per sq ft on the let space within One Valpy.
- Prime Reading office rents are currently £40 per sq ft, with an average forecast rental growth of 3% per annum over the next 5 years, providing excellent rental growth potential.
- 6,437 sq ft (10%) of refurbished Grade A space available to let, on which the vendor will be offering a 12 month rent, rates & service charge guarantee, allowing the purchaser to set a new rental tone in the market.
- Good ESG credentials with EPC B and BREEAM Very Good ratings.
- Flexible floor plates which suit the demand within the town centre, with 74% of Reading leasing transactions in 2021 sub 10,000 sq ft.
- Reading is located approximately 40 miles west of Central London and 2 miles north of junctions 10, 11 and 12 of the M4 motorway, with excellent transport links.
- Exceptional connectivity, with regular and direct train services operating between Reading and London Paddington, with trains running every 4 minutes and a fastest journey time of under 30 minutes.
- Reading Railway Station has undergone a £900 million redevelopment and upgrade programme and will be the western terminus of Crossrail’s Elizabeth Line.
- The property is held freehold.