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.
• 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.
Housing, Local Government, Development Consultancy, Masterplanning, Regeneration, Viability
London Borough of Newham