A prominent office building in Reading has been sold for proposed residential development in a deal successfully concluded by property consultancy Vail Williams.
The firm acted for Spire Healthcare over the disposal of centrally located 20,500 sq ft office building Regents Gate on Crown Street.
The purchaser is a private buyer, and the terms of the freehold sale remain confidential. It is understood there is planning consent in place for residential conversion to 29 apartments.
Andrew Baillie, associate, led the Vail Williams Thames Valley regional agency team, including partner Guy Parkes, working on the project.
The team drew on knowledge of the Reading office market and network of local property investors and residential developers to formulate a targeted office disposal and marketing strategy and then promote the property to credible investors and developers.
He said:
“Previously occupied by Spire Healthcare’s administrative team, the offices had become surplus to requirement following their relocation to higher-quality space in Reading town centre."
“Our role was to market Regents Gate to potential investors and developers and manage a robust, transparent disposal process that demonstrated best value for our client. The transaction achieved demonstrable best value for our client, meeting the governance and due-diligence requirements of a publicly listed healthcare company."
“The deal was managed efficiently through to completion, delivering capital back into the business.”
Kevin McGurk, group treasury manager at Spire Healthcare Group, said:
“Vail Williams managed the disposal of Regents Gate through a thorough and well-structured process. Andrew, Guy and the team communicated clearly with us throughout, and the transaction was executed efficiently and professionally."
“It was a pleasure working with them, and we were very pleased with the outcome achieved.”
Regents Gate is arranged over three floors with generous on-site parking and occupying a central location close to Reading town centre.
The buyer was represented by Hurst Warne.
Vail Williams’ full-service property advice includes commercial agency, investment and development advice, building consultancy, property valuation, planning, lease advisory, property asset management, business rates and occupier consultancy.
