Pacific House, Reading. Tom Paton-Smith.

Offices, Investment, Planning, Residential

Clearbell Capital

This project was worked on by the following people, working in partnership from across our business…

Key information

Investment Disposal of Pacific House, Reading

Advised Clearbell Capital on the disposal of the freehold interest of this office investment to CLS Holdings for £15,775,000 in October 2019, reflecting £276 psf, 7.55% NIY, and 8.48% NRY.

Located to the south of Reading town centre within 500m of Junction 11 of the M4

 

• Pacific House is a refurbished Grade A office building totalling 57,086 sq ft (NIA), configured around an impressive full-height, glazed atrium and excellent car parking.
• Freehold.
• Multi-let to 7 tenants with a WAULT of 4.15 years.
• Annual rental income of £1,271,092 per annum, reflecting an average rent of £22.26 per sq ft, a 40% discount to prime rents.
• Provided Clearbell with leasing, asset management and planning advice, with specific reference to Permitted Development Rights to residential along with feasibility analysis.
• Pacific House and Atlantic House adjacent had originally been acquired on behalf of Clearbell Capital in 2014 for a combined price of £19,000,000. Atlantic House was sold to Thames Valley Police for £306 psf with VP. The combined sale price was £24,000,000.

Custom House Gateway community-led estate regeneration. Oliver Maury.

Housing, Local Government, Development Consultancy, Masterplanning, Regeneration, Viability

London Borough of Newham

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