In one of the quietest office markets in years, Thames Tap has been told some much talked-about deals in Reading are now close to the finishing line. Alan Bunce gives away pretty much all we know.
Two much-discussed deals in the Thames Valley are believed to be approaching completion.
Thames Tap understands global engineering company Wood Group is close to agreement for 119,500 sq ft at 400 Longwater Avenue in Green Park while Swiss biopharmaceuticals group Lonza is believed to be close to completion of its long-rumoured acquisition of the site of the former British Gas offices at Thames Valley Park.
Wood Group, formerly Foster Wheeler, is currently at Shinfield Park, the former home of Berkshire County Council, and has been working on relocation for some time through Cushman & Wakefield. The agent also represents Mapletree’s Green Park.
Lonza is seeking to leave its 210,000 sq ft in Bath Road, Slough to build its own 500,000 sq ft scheme which will include offices, industrial and lab space. Thames Tap understands its deal to acquire the TVP site from Astrea is also close to completion.
All parties declined to comment.
Rumours have again surfaced that the first deal at One Station Hill is imminent. Word this time is that the top two floors are under offer at more than £50 per sq ft. However, it’s not the first time such stories have emerged so we can only wait and see.
Even if only one of those deals occurs this year, it will skew the stats for Reading’s office market in a big way. Virtually no deals of note have been reported in Reading in 2023 so any six-figure letting would make the market look relatively active when the year’s data is compiled.
However, Wood Group and Lonza would leave empty buildings behind so, while the activity would be welcomed, the market remains a difficult one. It’s hard to imagine what might become of Shinfield Park other than housing but there’s a certain irony about Wood Group leaving behind a site that just might have suited Lonza’s 1,300 staff who would have had quite direct motorway access from Slough.
The hole Lonza would leave at Slough Trading Estate would seem easier to fill than the empty offices that remain in Reading, where nicely refurbished Campus still has much empty space as does Forbury Place where several of its vacant floors have never been occupied.
Image (Google) shows Wood Group’s current Shinfield Park home.
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