The Carbon Building in Reading has been sold to HM Courts & Tribunals Service (HMCTS) and will be used for civil court hearings.
Vendor Royal London Asset Management (RLAM) refurbished the 28,000 sq ft, five-storey block in King’s Road and had offered Grade A floor plates of around 5,000 sq ft through Knight Frank and Campbell Gordon.
But, after a comprehensive search of the Central Reading market for a suitable building for its hearings, HMCTS decided it met its specific requirements.
A spokesperson said: “It was important for us to acquire the freehold of a suitable building that met our unique requirements. RLAM worked collaboratively and constructively with us to help ensure the building could meet our physical and timescale needs.”
Rob Marson, director at Campbell Gordon said: “We are delighted to have completed this sale for RLAM.
“The Central Reading office market has seen its ups and downs during the pandemic but it has been stabilising and returning to growth over the last 18 months.
“We anticipate continuing growth in demand over the rest of 2022 and are very excited about the growth we are seeing in the new tech, life science and creative industries locating here.”
Cushman & Wakefield acted for HMCTS.
HMCTS says it is still reviewing its estate in Reading ‘to ensure it meets operational requirements’ so no decisions have been made on existing property such as Reading County Court in Friar Street.
Image: Google.
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