Pan-European real estate private equity Palm Capital has signed two new lettings totalling c. 5,200 sq ft at Abbey Gardens, a newly refurbished c. 150,000 sq ft Grade A office in Reading.
UK retail bank Secure Trust Bank has let 2,500 sq ft of space on the ground floor of the seven storey building, whilst Orion Pharma, a pharmaceutical company based in Finland, will occupy 2,700 sq ft on the fifth floor.
Situated in a prominent location in the centre of Reading, Abbey Gardens is a short distance from the train station which will benefit from the opening of the new Elizabeth line, the cross London railway line, later this year.
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Since acquisition, Palm Capital has undertaken an extensive refurbishment of the building to a BREEAM ‘very good’ standard. This involved the modernisation of the reception areas; the creation of a communal business lounge and a private terrace for tenant’s use overlooking the River Kennet; and the installation of a number amenities to support the wellbeing of occupiers, including cycle racks, a fitness studio and on-site shower facilities.
“Our asset management programme for Abbey Gardens has seen us transform it into a Grade A office building offering modern, flexible space and best-in-class amenities. We also continue to meet tenants needs by providing both fully fitted suites or spaces to a Cat A finish. Although the office market in Reading has not been immune to the disruption of COVID-19, the office market in the South East has remained resilient overall. We have continued to see occupiers consider their future office footprints and Reading, with its strong labour pool and connectivity, which are set to be enhanced further through the opening of Crossrail, remains an attractive location for businesses,” said Gabriel Rudert, Director at Palm Capital.
Palm Capital was advised by Knight Frank and Vail Williams.
