Tue, 14/05/2019 - 10:47
Clearbell Property Partners II (Clearbell), a fund managed by Clearbell Capital, has sold One Thames Valley, Bracknell, to SevenCapital for GBP12.8 million.
One Thames Valley, a 75,293 sq ft property on the western side of Bracknell, was acquired by Clearbell in February 2015. The asset sits in a prominent location near the town centre, which has recently benefitted from the introduction of the GBP240 million Lexicon shopping centre – part of a wider GBP770 million town centre regeneration program, and is well-connected, close to the train station, M3 and M4 motorways and within easy reach of central London.
Clearbell previously sought and received Permitted Development Rights for the conversion of the building to 130 residential units. SevenCapital acquires the site with this permission in place, with the intention of taking plans forward to develop as per the company’s high specification design. The comprehensive regeneration programme underway in Bracknell helps position One Thames Valley attractively for residential development, in a supply-constrained housing market.
Duncan Jarvis, Director at Clearbell, says: “We are pleased to have received PD consent for 130 apartments at One Thames Valley, by amending our strategy and focusing on a residential exit. We moved quickly to secure both SANG Land and PD consent in light of the Article 4 directive.
Angus Baillie, Investment Director at SevenCapital, says: “Bracknell is a very up-and-coming town at the heart of the UK’s Silicon Valley which has become increasingly popular over recent years as a place to live, work and play, as well as a top commuter hotspot for nearby Reading and London.
“One Thames Valley is a prime development site sat comfortably between the main town centre and the residential areas, with easy access to main transport links, that will help to meet the increasing demand for homes within the area.
“The site marks the second successful acquisition in Bracknell for SevenCapital, having also recently completed on the town’s former bus depot site off Market Street.”
Clearbell was advised by Montague Evans, while SevenCapital was advised by Colliers.
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