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Successful repositioning strategy leads to early investment sale for One Valpy and The Urban Building
The Landid/Brockton JV recently completed
extensive refurbishment of One Valpy and substantially repositioned the two
Thames Valley office buildings, to create high quality,contemporary
workplaces for modern occupiers and their employees. As the most
active office developer in the Thames Valley, representing around 25% of the
market, the Landid/Brockton JV’s investments combine excellent design,
character, connectivity and sustainability to optimise experience,
environment and value for their occupiers.
One Valpy, a 60,000 sq ft, eight-storey
building overlooking Forbury Gardens in Reading,
is approximately 50 per cent let or committed since relaunch, to
office tenants including H&M, Bullit Group, Rio Tinto, Thinking
Phones and Mabey. The Urban Building, a
98,000 sq ft building on Albert Street, Slough, has achieved two
lettings to date, to KP Snacks and Caffè Kix. Both buildings have
been rebranded in line with the Landid/Brockton JV’s ongoing
strategy to reposition or redevelop outmoded office assets to meet
today's occupier requirements.
Trevor Silver, Managing Director of Landid, said: "We have sold One Valpy and The
Urban Building ahead of schedule, reflecting the current demand for office
investments in prime Thames Valley locations, especially those on Crossrail.
Our repositioning strategy has created office environments with enduring
occupier appeal, allowing businesses in the Thames Valley to manage costs and
compete for talent without compromising on location."
Tony Edgley, Partner at Brockton Capital LLP, said: "These
assets perfectly capture our strategy to create institutional
quality investments from overlooked or redundant assets,
which can respond to the needs of the next generation of occupier. To
compete in today’s market, property developers and
investors must have a deep understanding of how to create
a community within an urban office setting, providing the
right combination of design, connectivity, sustainability, value and character.
These qualities are embodied in One Valpy and The Urban
Building, creating appeal for occupier and investor
The Landid/Brockton JV is looking to commit
up to £250m to acquire similar investment opportunities, in the
Western Corridor, Greater London and selected UK cities. It is
currently developing three major office buildings: The Charter Building,
Uxbridge; Thames Tower, Reading; and The Porter Building, Slough, for
completion between Q4 2016 and Q32017.
One Valpy underwent substantial refurbishment and
has been developed into contemporary, energy efficient offices aimed at
attracting forward-thinking companies to a vibrant area of Reading. The Urban
Building is located in the heart of Sloughand has
been transformed into a substantial, state of the art, mixed-use
workspace of high specification.
Both buildings are well located with public
transport links to both London and Heathrow, with Crossrail bringing even more
accessibility to the region.
There is currently a growing list of high calibre companies
looking for quality offices in the area, and both One Valpy and The
Urban Building are positioned to meet this demand. There is
also a large, highly skilled workforce that lives orcommutes within
the Thames Valley area.
JLL advised the Landid/Brockton JV on the
purchase, repositioning and sale of the properties and acts as leasing agents
on both buildings. Colliers represented Standard
(0)207 399 5216