Fiera Real Estate and Wrenbridge have acquired the former Shire Hall at Shinfield Park, Reading with plans for a £75 million logistics scheme.
The 18.5-acre, 285,000 sq ft, 1980s ‘brutalist’ office buildings were originally built for former Berkshire County Council and have been vacant since the latest occupier, Wood Plc (formerly Foster Wheeler), moved to Green Park.
The business plan is to replace the obsolete buildings with six state-of-the-art logistics units totalling 225,000 sq ft, designed to complement the mature, landscaped setting of the site. Units will range from 20,000 sq ft to 88,000 sq ft and will meet the highest urban logistics specifications, with self contained yards and dedicated parking, while targeting BREEAM Excellent and EPC A+ credentials.
The site is a prime spot to the south of Reading, less than one mile from J11 of the M4 as well as being less than 30 minutes to J15 of the M25. The M4 corridor is experiencing considerable rental growth and the demand for mid-box logistics units is very high.
For Fiera, the off-market deal represents the 11th acquisition since inception. It has further funds to deploy into similar small and mid-box urban UK logistics sites.
Chris Button, head of investment management at Fiera Real Estate, said “This project will showcase the power of combining institutional capital prepared to undertake speculative development with the entrepreneurial flair and technical know-how of Wrenbridge”
Ben Coles, chief executive of Wrenbridge, said: “We are delighted to have completed another prime logistics acquisition backed by Fiera. Another brilliant 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.”
© Thames Tap (powered by ukpropertyforums.com).
Sign up to receive our weekly free journal, The Forum here.
