M&G confirms second phase at Forbury Place
by Maria Shahid Fri 20 November 2015, 3:55 pm
M&G Real Estate has announced the construction of the second phase of Forbury Place in Reading town centre, with Bell Hammer as its development partner. On completion of No 2, Forbury Place, the 17,280sq m speculative office scheme is expected to be worth £100 million.
Galliford Try has been appointed to commence works, and the scheme is to be developed over a 20-month period.
The news was originally announced at a Reading UK CIC event organised by 3Fox International at the beginning of November.
The real estate investor has also announced two new lettings at No 3, Forbury Place to law firm, Osborne Clarke, which has taken 1,486.4sq m on the second floor, and ConvaTec, a global medical products and technologies company, which is establishing its new UK HQ by taking 1,282.1sq m on the seventh floor – both on 10-year leases.
The announcement follows the letting of the entire 17,280sq sq m No 1 Forbury Place to British energy company, SSE, believed to the largest office letting in Reading town centre for 25 years.
Aaron Pope, director of asset management at M&G said: “We are confident that our latest scheme will reinforce our position in the town’s speculative office development market.
“The commitment also reflects our wider strategy of building West End-quality buildings in Reading, to attract and secure further occupiers to a location that continues to grow from strength to strength thanks to its close proximity to major transport hubs and its future Crossrail station.”