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…

  • Jonathan Best Partner, Planning & Heritage
  • Simon Rogers Head of Recovery and Restructuring, Development & Valuation Consultancy

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.

Matthew Clark, 12 Central Way, Park Royal. Gerry Young AND Matt Moran.

Industrial & logistics, Agency, Investment, Planning

Prologis

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