Ediston sells Phoenix office building in Reading – Ediston Property Investment Company has sold its office building, Phoenix, Reading, to Fidelity UK Real Estate Fund for GBP20,510,602 which is not materially different to the valuation at 30 June 2017.
The property extends to c.52,000 sq. ft., is multi-let to four tenants, and has c. 6,000 sq. ft. vacant and to let. The asset was acquired by Ediston, as part of the seed portfolio, in October 2014. On acquisition it had over 20,000 sq. ft. vacant and to let. The Investment Manager let 14,000 sq. ft. of this space to two new tenants, and moved the rental tone of the property from GBP25.00 per sq. ft. to in excess of GBP30.50 per sq. ft.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Manager, said: “The sale of one of the Company’s mature assets is in line with the investment strategy and provides us with capital to reinvest in opportunities which are more suited to our intensive style of asset management.”
On its website, Phoenix is described as one of the most prominent and high profile landmark buildings in central Reading.
It says: Phoenix offers attractive, high quality open plan offices totalling 5,990 sq ft commanding panoramic views over the city from the upper floors. The property is arranged over ground and five upper floors. Phoenix is prominently located adjacent to Reading Rail Station. It benefits from an extensive frontage to Station Road, the Rail Station itself and bus terminal. Phoenix is within 50 metres of Caversham Road (the major inner distribution road), which provides a rapid link to and from the M4 motorway. The property is also conveniently situated within a short walk of the city’s main retail and leisure facilities including the Oracle Shopping Centre. The Oracle Shopping Centre, which is anchored by House of Fraser and Debenhams provides Reading’s affluent population and skilled labour force with 700,000 sq ft of prime retailing and leisure facilities including 90 retail outlets, 32 restaurants and bars, a 10 screen Vue cinema and 2,300 car spaces.
EPIC : Ediston sells Phoenix office building in Reading