One of the Thames Valley’s largest prelet deals in several years has been confirmed at Winnersh Triangle, near Reading, after the 85 acre mixed use business park was acquired by funds managed by Oaktree Capital Management LP (‘Oaktree’) and real estate investor PATRIZIA UK Ltd in July 2013.
Under the terms of the agreement, aerospace and defence organisation Rockwell Collins will see a 70,000 square foot premises constructed prior to its planned occupation in early 2015. It will join the existing 1.4 million square foot of built stock already at the park.
Detailed planning permission has been submitted to Wokingham Borough Council for a brand new, purpose-built facility which will comprise 40,000 square feet for high specification workshop, research and development space, plus 30,000 square feet of offices over three floors.
Winnersh Triangle, formerly known as IQ Winnersh, already has more than 60 diverse companies with 3,000 employees on site. The established presence includes Jacobs (UK) Ltd, Virgin Media, BMC Software, Microchip, Agilent, Lloyds Bank, WH Smith and Bang & Olufsen (UK) Ltd. There is also an additional seven acres of development potential within the estate.
Dan Williams, head of development at PATRIZIA, said: “This is the largest prelet deal in the Thames Valley for several years and we’re delighted that we’ve secured such a quality occupier so soon after our significant investment into the region.
“As the economy strengthens, Winnersh Triangle is attracting a lot of interest from businesses thanks to its position close to Junction 10 of the M4, its own train station, as well as first class amenities including a four-star hotel and conference facilities, gym, shop and nursery.
“Our ambition is to develop the park into a premier business location, by adding more space for businesses to grow, and continuing to attract companies of Rockwell Collins’ calibre.”
Chris Hazeel, Rockwell Collins UK managing director said: “This is a very exciting move for our UK headquarters. We appreciate the bespoke nature of this facility, and its flexibility of use which will future-proof our on-going expansion plans.”
“We chose Winnersh Triangle for a number of reasons, but primarily due to the unrivalled amenities available on site, fantastic communication links by road and rail, proximity to Heathrow and existing staff locations.”
Kevin Cook, partner at commercial property expert Vail Williams LLP, which helped broker the deal, commented: “This is fantastic news for Winnersh Triangle and shows the increasing confidence in the wider Thames Valley commercial property marketplace.”
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