Laing Property - Offices Development - Massive 625,000 sq ft Reading Office Scheme
Date: 01 Jun 2001
Laing Property's joint venture with the Bank of Scotland is proposing one of Reading's largest ever town centre redevelopments.
The proposal is to replace the infamous octagonal "Metal Box" building with 625,000 sq ft of offices.
Energis, a stakeholder in the scheme, plan to accommodate growth in the new building making them one of Reading's major employers.
Laing Property and Energis have negotiated flexible lease terms until 2013 giving immediate return to Laing Property, and Energis options to pre-let part or all of the space.
Chris Bond, development director of Laing Property, said,
"We have worked closely with Energis over the last 9 months to create a superb development opportunity while allowing them to stay and expand in Reading. The partnership with Energis reflects our focus on delivering flexible office accommodation and our long term confidence in the Thames Valley market.
"In working up our plans we have been mindful of the Government's objectives of seeing sustainable development in town centre locations next to public transport hubs," added Bond.
The new scheme will comprise 160,000 sq ft gross over 6 floors on the Gym site, 213,000 sq ft gross over 8 floors on the Energis House Site and 252,000 sq ft gross over 10 floors on the former NCP car park site. It will be redeveloped in three phases to allow for the demolition of the current main building, the transformation of the current gym site and new building onto the car park. The joint venture aims to begin work by early 2002 and has granted Energis a five-year option on the car park and a three-year option on the gym site.
Colin Taylor, Energis Director of Property, said:
"Energis' expansion needs a solution that will deliver a flexible office environment. We are very confident that this partnership will enable us to meet this need to an excellent standard."
The joint venture was formed two years ago to expand Thames Valley office accommodation outside the M25. It recently completed the successful purchase of Toshiba House in Frimley, and it has secured planning consent for a 50,000 sq ft office scheme in Station Road, Reading. It has also, successfully, pre-let two buildings on its Drakes Meadow Business Park in Swindon and, in addition to Energis House, is shortly to start work on two office schemes in Frimley. The portfolio has a potential end value of £250m.
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