Reading office schemes approved
Property investor Prupim - the real estate investment management arm of M&G Investments - has received planning permission for the construction of two new office schemes in Reading.
Each of the new eight-storey office developments will provide a total of 200,000 sq ft of grade A office space for the city, with Prupim working alongside architect Aukett Fitzroy Robinson and builder Bell Hammer to bring the new plans to fruition over the coming months.
Aaron Pope, asset management at Prupim, commented: "Forbury Place will offer companies brand new office space in the heart of Reading with excellent transport links. Reading is home to many global brands so premium office space is always in demand."
Featuring a diagonal, criss-crossed pattern of glass and steel, the two matching buildings will form the centrepiece to major redevelopment in the heart of Reading over the coming years - with the projects already dubbed the metal box.
Green development will be at the heart of the £50 million construction project for each new building, with both properties targeting a BREEAM rating of Excellent once complete, with work on the new structures to get underway in the autumn.
Joel Hawkins at Bell Hammer, added: "Combining stunning modern design with a high quality specification, its impressive size and town centre location make Forbury Place a rare opportunity in the Thames Valley office market and is likely to attract occupiers from the UK and overseas."
The news follows a recent £105.4 million acquisition for Prupim, with the investment business purchasing 534 private rented properties across 13 locations in London, the south-east and southern England.
It was a deal partially funded by the Homes and Communities Agency, with the government department's chief executive Richard Hill stating at the time that investment in real estate is perhaps one of the smartest moves for buyers in the current financial climate.
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