Land Securities announces that it has exchanged contracts for the sale of its Reading property portfolio, to Sackville Properties, for Â£27.75m. This strategically important freehold site, totalling 3.25 acres, includes two office buildings (127,000sq ft), 13 shop units, Mecca bingo hall, a former bus station site plus a multi-storey car park let to NCP.
Richard Akers, Managing Director Retail Portfolio at Land Securities, commented on the sale: âThe Reading portfolio provides good income in the short term and following a masterplanning exercise in 2003 has the longer term potential of a major mixed-use development. As the development is outside our areas of focus, it was decided to sell the site and reinvest in core sector assets, especially where there are opportunities to add value through active asset management.â
John Madejski, Chairman, Sackville Properties, commented on the acquisition: âThe regeneration of this site forms a key part of the Council´s vision for the âStation Area Redevelopmentâ, a 1,000,000 sq ft mixed used scheme in Reading city centre, to enhance and promote Reading as the leading centre within the Thames Valley. We look forward to working with the council to achieve this vision.â
Strutt & Parker represented Land Securities and Campbell Gordon acted for Sackville Properties.
Source: Land Securities