Work begins on Forbury Place
Thu 10 December 2015, 5:31 pm
Building work has begun on the No.2, Forbury Place office scheme in Reading town centre, which will be worth an estimated £100 million on its completion.
M&G Real Estate is delivering the scheme with its development partner, Bell Hammer. Galliford Try has been appointed as contactor and it is estimated that the work will take 20 months.
Lettings at Number 3, Forbury Place, which is also under construction, have been announced for law firm Osborne Clarke, which is taking almost 1,500sq m on the second floor, and medical technology company Convatec, which is establishing its new UK headquarters by committing to around 1,280sq m on the seventh floor – both are on 10-year leases.
M&G Real Estate has let around 2,800sq m within nine months of its purchase of the building, with approximately 8,175sq m still available and the refurbishment of the top four floors nearing completion in the New Year.
The announcements follow the successful development and letting by M&G Real Estate and Bell Hammer of the entire 8,175sq m of Number 1, Forbury Place to British energy company SSE – widely reported to be the largest office letting in Reading town centre for 25 years and the biggest in the Thames Valley for overa decade.
Aaron Pope, director of asset management at M&G Real Estate, said: "Demand remains strong for core assets in Reading town centre, as evidenced by our successful letting of Number 1, Forbury Place and 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.”