Office

One Valpy, Reading

Key facts

Building Area Net
Land Area Net ()
Occupancy 90.0 %

Portfolio description

A future proofed, multi-let office building in the heart of Reading town centre.

Investment highlights

  • 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.

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One Valpy, Reading (1 Properties)
1 Valpy Street
Reading, Berkshire, United Kingdom
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Last Updated Date: 11 Aug 2022

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