Asking Price
Area Size
NOI Net Operating Income
Cap Rate

Documents

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Key facts

Year Built 1980
Building Area Net
Land Area Net ()
Occupancy 90.0 %

Property 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.
Last Updated Date: 11 Aug 2022

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Last Updated Date: 11 Aug 2022

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