{"id":304,"date":"2014-04-11T12:04:25","date_gmt":"2014-04-11T12:04:25","guid":{"rendered":"http:\/\/wdp.hr\/poseidon\/property\/?p=304"},"modified":"2014-04-11T12:04:25","modified_gmt":"2014-04-11T12:04:25","slug":"boultbee-buys-former-mapeley-reading-hq","status":"publish","type":"post","link":"https:\/\/poseidon-gp.com\/property\/boultbee-buys-former-mapeley-reading-hq\/","title":{"rendered":"Boultbee buys former Mapeley Reading HQ"},"content":{"rendered":"
Newly formed private property investment company Boultbee Brooks has bought Reading\u2019s 70,000 sq ft Kings House out of receivership, announcing plans for a significant redevelopment.<\/div>\n

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BBRE’s acquisition of the former Mapeley owned central Reading office scheme was tipped by CoStar News in December.<\/p>\n

Boultbee Brooks Real Estate, the property company of veteran investor and developer Clive Boultee Brooks which launched today, has bought the building from LPA Receivers c\/o Cordatus, and is planning a comprehensive refurbishment of the building to create an 84,000 sq ft Grade A office building, which will be available for occupation in Q1 2015.<\/p>\n

The building will have 12,000 sq ft unbroken floor plates as the central core will be relocated as part of the redevelopment.<\/p>\n

Tom Fletcher, director in LSH\u2019s Reading office, said: \u201cKings House is perfectly placed to satisfy the increasing occupier demand in Reading and the Thames Valley. It will come to the market at a time when Grade A supply will be at its most constrained.<\/p>\n

“Businesses who employ creative and highly skilled staff want to offer distinctive working environments with quality amenity and transport links to help retain, recruit and satisfy employees work and life needs. Reading has recently been judged the top micro European city of the future and is only 25 minutes from central London on the train.\u201d<\/p>\n

Clive Boultbee Brooks said: \u201cWe believe that this development offers an exciting alternative to the competition. When completed in Q1 2015, it will provide an exclusive 84,000 sq ft self contained office building with several USPs, including unbroken floor plates of 12,000 sq ft to help create modern agile work space, and four times as many parking spaces as the average available office building in Reading town centre.\u201d<\/p>\n

The 69,956 sq ft Kings House is located in Reading\u2019s main business core adjacent to three large office buildings \u2013 Abbey Gardens, The Blade and Abbots House.<\/p>\n

BBRE\u00a0is understood to have fought off significant competition from bidders eyeing both an office and residential refurbishment.<\/p>\n

Privately owned commercial and residential investor and developer Boultbee has recently bought a notably similar South East office opportunity – Rivergate West, in Staines – on a freehold basis with vacant possession, at a price of \u00a34.7m (108.90 per sq ft).<\/p>\n

The 43,155 sq ft is being revamped via a \u00a34m refurbishment.<\/p>\n

Mapeley bought the freehold interest of Kings House from Wichford for \u00a317.224m in 2005, reflecting a net initial yield of 7%. The property was let to the Department For Environment Food & Rural Affairs.<\/p>\n

It sat within Mapeley I\u2019s 20-strong portfolio within the DECO 6 CMBS.<\/p>\n

The 20-strong portfolio securing Mapeley\u2019s first securitised loan fell in value by around 70%, from \u00a3244.82m, between 2004 and 2005, to \u00a374.74m as at the end of January 2012.<\/p>\n

Lambert Smith Hampton is the letting advisor to Boultbee Brooks. Savills and RARE acted for the LPA Receiver. Aurum Real Estate acted for Boultbee Brooks.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Newly formed private property investment company Boultbee Brooks has bought Reading\u2019s 70,000 sq ft Kings House out of receivership, announcing plans for a significant redevelopment.   BBRE’s acquisition of the former Mapeley owned central Reading office scheme was tipped by CoStar News in December. Boultbee Brooks Real Estate, the property company of veteran investor and […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-304","post","type-post","status-publish","format-standard","hentry","category-news","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9PjAq-4U","_links":{"self":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/comments?post=304"}],"version-history":[{"count":0,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/posts\/304\/revisions"}],"wp:attachment":[{"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/media?parent=304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/categories?post=304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/poseidon-gp.com\/property\/wp-json\/wp\/v2\/tags?post=304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}