MCKAY / MAY 2018 /
20
Speculative development programme
delivering returns and proving demand
9 Greyfriars Road, Reading Prospero, Redhill
Transformational refurbishment of 39,620 sq ft
1980s obsolete office building
• Single letting of entire asset (June 2017)
• 15 year lease (tenant break at year 10)
• £1.5m pa: 3.9% over ERV
• Winner: BCO Regional refurbishment
• BREEAM outstanding / EPC A
• 37.6% valuation surplus
High quality speculative 50,370 sq ft
office development
• 92% let
• Multi-let at rents ahead of ERV
• 10 year terms achieved
• 26.9% valuation surplus
