LONDON, 17 March 2015 – CBRE Global Investors, on behalf of a client, has entered into a joint venture (JV) with Boultbee Brooks Real Estate to fully refurbish and re-let Kings House, 33 Kings Road, Reading.
Boultbee Brooks Real Estate bought the seven storey office building in March 2014 for £8.6 million and CBRE Global Investors has committed over £20 million to refurbish the asset.
Works have already begun on a comprehensive improvement plan. The project includes reconfiguring the reception and office floors moving the lift cores to the exterior of the building and re-letting the remodelled accommodation. The completed building will extend to 92,238 sq ft net internal area providing an additional 23,000 sq ft over the existing.
The building is located on Kings Road which is within Reading’s Central Business District and close to the Oracle Shopping Centre. It is a short walk from the City Centre main line terminal.
Ian Wilson, Director, CBRE Global Investors commented: “We can see the potential this building has following the extensive refurbishment we have planned and have joined forces with an experienced developer to see this project through.
“Reading has an improving office market and an undersupply of prime office space. With the development of Kings House, we hope we will be meeting the demand for Grade A accommodation in a prime location with this offer.”
Roger James, Development Director of Boultbee Brooks Real Estate commented: “We are delighted to be undertaking such an exciting project with CBRE Global Investors and their client are confident the product we will be delivering will be very well received in the market”