Clearbell sells multi let Reading office investment for £15.775m
Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, announces the sale of Pacific House, Reading, to CLS Holdings PLC.
The sale price of £15,775,000 equates to 7.52% NIY / £276 psf for the 57,000 sq ft multi let modern office building close to Junction 11 of the M4 motorway.
Pacific House was acquired in 2015 as part of the Chalk portfolio of South East office assets. Since then, extensive refurbishment was undertaken at the site, including the installation of a new ceiling, LED lighting, a raised floor and carpet throughout, cycle storage and the introduction of a concierge service at reception. In addition, a new café was installed in the atrium for tenant use. Pacific House is now 92% let, and is home to seven incumbent tenants, producing £1.2m of rent per annum.
Duncan Jarvis, Director at Clearbell Capital, said:
“The refurbishment of the vacant floors, installation of wifi, showers, cycle storage and the concierge service at reception all assisted with the lease up campaign. A number of the incumbent tenants at Pacific House have extended their leases or removed their breaks which is testament to the location and amenity on site.”
The Chalk portfolio comprised seven office assets in the South East. The sale of Pacific House leaves two remaining assets in the portfolio.
Clearbell was advised by Montagu Evans.
CLS was advised by Savills