Reading's Station Hill sold
by Natalie Vincent Fri 22 June 2018, 12:08 pm
A joint venture between Lincoln Property Company and MGT Investment Management –backed by hedge fund Baupost – has bought the 2.63-ha Station Hill development site in Reading, one of the south-east's largest development opportunities.
Lincoln MGT purchased the land from Sackville Developments Reading Ltd (SDRL), a joint venture (JV) partnership between financial consultant Stanhope and real estate fund manager Benson Elliot.
Station Hill is situated directly opposite the main entrance to Reading Station, which has recently undergone redevelopment and is at the western end of the incoming Elizabeth line. The focus of commercial development proposals for many years, it is now understood the JV will focus on a residential offering.
The site already has outline planning permission and a section 106 agreement for a combined office and residential development with a gross development value of over £750 million.
James Jakeman, partner at Benson Elliot, said: "Benson Elliot and Stanhope have worked closely together over a number of years to deliver one of the south-east's most strategically important and high-profile development opportunities.
"It has been an exciting undertaking to be involved with, and having accomplished our objectives against the backdrop of a strengthening local market and beneficial large-scale infrastructure projects, we are now in a position to hand the site over for its next phase and to crystallise value on behalf of our investors."