Cordea Savills, the international property investment manager, has acquired Greenwood House, a substantial office building located in the centre of Bracknell, for GBP6.2 million on behalf of a corporate pension fund client.
The five storey 70,000 sq ft office building is currently vacant and will undergo comprehensive refurbishment to offer Grade A quality accommodation.
The refurbishment will include a redesign of the entrance and the creation of a feature reception in addition to comprehensive upgrades designed for high density occupation.
The building is scheduled to be ready for occupation in the first quarter of 2015. Cordea Savills has appointed Canmoor Asset Management to manage the refurbishment process.
The acquisition of Greenwood House reflects the resurgence in the Bracknell leasing market, which is benefiting from a GBP750m regeneration of the town centre. Key target occupiers will include companies already located in the town as well as new inward movers into the area. Bracknell is currently home to 40 international blue chip companies and is strategically located in the heart of the Thames Valley, between the M3 and M4 motorways.
Lucy Winterburn, director of investment, says: “This is an exciting opportunity to transform Greenwood House into one of the best office HQs in Bracknell and the local M4 region. We plan to add considerable value through the refurbishment of the building and coupled with the regeneration of the town centre anticipate strong tenant demand.”
Tom White, director, Canmoor Asset management, says: “We are delighted to be working with Cordea Savills on this major refurbishment project. The re-positioning of Greenwood House will offer a high quality town centre HQ building, with extensive car parking, at significant discount to competing Thames Valley locations."
Cordea Savills has appointed Savills and DTRE as joint letting agents for Greenwood House.